Short answer: No.
Long answer: I was 250 hours into a character on 1.5 with 2 hard freezes and little to no lag during that whole time once I fixed the water freeze issue.
Got 1.6/7, and experienced 2 freezes in the 1st hour, a big drop in draw distance (waterfalls in the distance looked like smudged crayon on the screen), and tons of lag (sometimes when fighting multiple enemies and shouting, sometimes just running outside).
It fixed the issues with enemies respawning, but the lag was so bad I started a new character as people have suggested. I also lost several unique items in Vlindrel Hall shortly after updating, but I don't know if that was due to 1.6/7 or just bugginess with the house.
I'm about 25-30 hours in, level 24, 5 MB save file. I've had
- 5 hard freezes
- 2 infinite load screens
- severe lag after less than an hour of playing
- unresponsive buttons (shouts and spells mostly)
- NPCs that jump around almost like they're teleporting
- gravity issues with picking up, moving, and placing items (most things turn so they're upside down)
- objects around towns continually falling on the ground (the back porch of Jorrvaskr looks like all the plates and food phased through the tables; all the outside vendors in Whiterun have items on the ground, a lot of interiors are a total mess)
- tons of pop in textures
There's no way I would update it again. Other than the respawn issue, everything that was broken before is still broken, and the playability is markedly worse.
Edit: I should comment on horse combat. It's awkward; the camera rarely keeps the enemies on screen for me; you still have to dismount if you want to loot the bodies; and you can't cast spells.