I am currently on version 5.0.1. It's been a long time since I've updated.

I'd like to update, but I'm worried that some of my apps and games will no longer work on the newest version. If I update, is there any risk to this affect?

YouTube will go away and the version of maps will be replaced by one from apple, which is inferior in many ways though it does come with voice guide navigation. The rest just depends. I had no problems. And apple just introduced a new update to iOS 6.0.1.

Not sure what applies in your situation since you don't state which iPad you have.

I have the ipad 2, but what difference does that make?