Yep, I made the transition, too.
1. I made a complete backup of my system with all libraries (elic) to be safe.
2. I installed only the new Vienna Assistant.
3. All downloads were made to an external SSD w/o installation (download only).
4. While waiting for the iLok3 dongle to arrive and the all the downloads were finished, I was working with the former elic enviroment.
5. After registration of the new ilok3 dongle, all lics were stored on it (2 min. at all).
6. Within the VA, I chose "install from drive" for all libraries and deleted the former elic stuff.
Now everything is fine! :-)
There is only one point I want to mention:
The new Synchron Player 1.2.105 is still not "native". I'm working on macos Big Sur M1 and Studio One. I hoped it would come with that transition, too. Now, 1 1/2 years after the introduction of the M1 chips, I still have to run my DAW in Rosetta mode – only because of the Synchron Player. All other 3rd party plugins like Fabfilter, Liquid Sonics, HOFA, NI Kontakt most Toontrack stuff, Valhalla and many more... all are native, now.
For me this is CORE! I don't want to see popping up 5 or 10 new libraries or whatever before the Synchron Player finally becomes native M1. I think, there are many M1 users out there, still waiting.
Nevertheless, I'm very satisfied with that smooth transition – well done VSL!!!
Cheers, Gunter