I've updated quite a few computers to Windows 10, the oldest of which is a 2009 "vintage" Dell laptop that first shipped with Windows Vista (with an update to Windows 7 about 4 months after I bought it) which only has a 2-core processor, and 2 GB RAM.
All of the updates went without a hitch, and all of my computers are working as well as or better than they did before; in particular, they are all faster to boot, including the 2009 machine. I haven't had any issues with incompatible hardware, drivers or application software (but "Your Mileage May Vary").
I didn't time any of the updates, but I let each of the machines download the full update before installing (I think that is how it works by default anyway), and then you start the update process. You answer a few questions (mainly, whether you want a clean install, or want to save your apps and data), and then you let it do its stuff. I started the updates in the early evening (so I could monitor progress, and intervene if necessary); some of the newer machines completed the process in about 1 1/2 hours or so, while a couple of the older / slower machines were still working on it when I went to bed, but all had completed by the time I got up in the morning.
As for disabling updates - I have full automatic updating enabled on all of my family's machines, and it isn't causing any of us any problems at all. If you have limited Internet bandwidth, you might want to opt for manual control, but I've got 1,000 GB / month, so I just have them all set to automatically download updates as they come available. Every couple of weeks, I get a notification that "Updates were installed", or sometimes "Updates are available", and I just set it to install and reboot when convenient to me.
Personally, I and my family are all very happy with Windows 10 - it has restored the familiar Desktop and "Start" button functionality which Windows 8 took away, while also having the new features of Windows 8, and for me, it offers the best mix of old and new.
Note that the free update for Windows 7 / 8 users is only available until July 29, after which it will become a paid-for update.
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