The first question I would ask you is why does your Joomla need updating? Now would be a really bad time to do it actually.
Joomla recently went to a rapid release cycle (just like Firefox did) and the current release, Joomla 1.7.x, is an interim release. Joomla 1.5.x is the current LTS (Long Term Supported) release and it will be supported until 2013.
The next LTS release will be Joomla 1.8.x and it is scheduled for release in January. Even so, it's best to let that version 'mature' a bit before using it, let thousands of people flush out the bugs and test the security, as well as letting the hackers and script kiddies test security too.
With all of that in mind, if you update it right now, you'll find yourself doing it again in Jan - Mar time frame again. Also keep in mind there are major changes being made, the transition from 1.5 to 1.6 wasn't an upgrade, it was a migration. (Meaning the 'upgrade' involves exporting everything then importing it to the new install.)
I'd suggest you wait if you could.
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