The real value of SDXL isn't the higher native resolution, its the improvements in rendering fingers and text and so on. But honestly I have not yet been super impressed by SDXL, in the same way that I want to stay playing the old game with all its DLC and mods. SDXL is good, but until we have the same depth of resources available I am staying with 1.5.
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The update process should be simple but may be buggy while things are ironed out. Installing a second copy of Automatic1111 would allow you to test SDXL without causing issues with your current setup, in case it takes a while.
New loras/embeddings/etc will have to be created for SDXL. Any pre-existing loras will only work with older models, so the community will have to spend time training new ones for SDXL
You probably just need to download the SDXL model and update Automatic.
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