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
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