Pitfalls of switching to {ucs} and [utf8x]{inputenc} ?

["Adam Funk" <a24061@yahoo.com>]

Until now I've always edited my LaTeX documents with Emacs using the
ISO-Latin-1 encoding.  Recently I needed to put the "ž" (z with an
inverted circumflex, in case that doesn't show up correctly) in a
BibTeX entry so I decided to try switching the document (not very big
or complicated) to UTF8.

I changed
  \usepackage[latin1]{inputenc}
to
  \usepackage{ucs}
  \usepackage[utf8x]{inputenc}
in the preamble, loaded each file, set Emacs to save in UTF8, and
re-saved each file.  It worked like magic.

But before I do this to my thesis, I'd like to know if it's really that
simple or if there are any pitfalls?  If it matters, my thesis contains
a lot of occurrences of Swedish special characters in \text{...}
commands in math mode.

-- 
Thanks,
Adam