Any Issues Upgrading from 10.7 to 12.3?

I am still using iTunes v10.7 because I hated v11 and how they changed the viewing of albums. I am considering buying a new iTouch 128kb and it requires v12 - are there any potential issues I need to look out for when making the jump from v10.7 to v12.3.4? Will my iTunes library still be in the same place (C:\Users\MyMusic\iTunes on Windows PC)?

I know to backup up my entire library before upgrading - I do this regularly, but have been using v10.7 for years now. Thanks

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