Upgrade 7.2.1 to 7.3 - Mailing list pgsql-admin

Hi, folks,
I need to upgrade Postgres 7.2.1 to the current version: 7.3 or 7.3.x.

I think one way to do it is to dump db with pg_dump, run db_init
on the new server and import the dump.

I wonder if this is the right approach;
Am I going to have any potential problems with it?
Do I need to do anything else?

Are there any other ways I need to consider?

Thank you,
Michael.