I've been having some problems lately since my last Wordpress upgrade, apparently I had too much stuff hacked so the upgrade didn't go as smooth as I thought. So I just reinstalled :).
Followed these steps:
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Backup old DB and blog folder
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Fresh deployment of wordpress-2.3.1 files
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Drop database, create database,
wp-admin/install.php
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Edit a copy of my backed up SQLdump, and dumped it again in the new DB (only posts, comments, links and data information, no configurations or plugins tables).
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Customization left.
It was much easier than I expected, I did not run into any kind of problem at all :D .