[ubuntu] Full Ubuntu 12.04 install on flash drive

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http://ubuntuforums.org – I have Ubuntu 11.04 full install on a 16G flash drive and it has the latest updates and run fine. I was wondering if i should now upgrade to 11.1 and then finally to 12.04 on the drive? If i do that are there potential problems, bugs etc? Or should i just do a full 12.04 install on a new 16G flash drive and work out the bugs etc, that pop up and leave my 11.04 flash drive by itself since i have a clean working OS running well on it. Also if i were to do a 12.04 install, should i get a 32G flash drive or 16G is good enough? Any pro or con on what i should do? Thanks in advance for answer (Hardware)