Finally I made the jump and installed Fedora 8 on my machine. After using it for some days I can say that it is a quite stable version as i have not come across any thing that is broken till now. Overall a nice polished and more refined version than previous versions. All those looking to upgrade can surely go for it without having second thoughts.
I did have issues installing it but probably thats more due to my lack of knowledge. I did learn some new things while installing it. I will be posting a separate post for the method i used for installation and which i think may be useful to those with old machines.