We've completed the update to v1.16.1 (IIS10 / PHP 8.0 / MySQL 5.5) successfully however it took a few attempts.
We discovered first that PHP 8.1 is NOT fully supported by the plugins even though it let me run the upgrade - now this is noted in the forum and release notes so my bad on that one.
So far, 2 of the plug-ins we use are not working:
Autocloser - throws fatal PHP errors and OST is not usable / just a blank screen. Was working fine in 1.15.2 under PHP 7.4. I know this is a 3rd party plug-in and there is an issue noted on Github about it so here's hoping it gets corrected. We ended up having to remove the plugin entry and config from the DB after it was added to get things working again
adSync (paid plugin) - doesn't cause the white screen of death but doesn't run. Fatal PHP errors are noted in the log file. I've disabled the plugin for now and logged a ticket with the vendor in hopes of an update that is compatible with this version of OST / PHP.
If you encounter any non-core plugins that cause issues, might be helpful to post here so other know before they update.