I'm guessing that I am one of the majority of the millions of folk who have done this with little hassle.

From my end on two very different machines -

* a recently bought windows 8.1 laptop
* a (quite full 80% of a 1tb drive) windows7 machine with all my important stuff on and MANY programs

They both just work

Audio via M-audio works
All my recording stuff works

I have not had to reinstall or fix anything

I think that (from a software point of view and deployment of millions of downloads with almost nil support via people - has anyone phoned microsoft?) it is an astouding piece of delivery of development