Just installed Office 2016 / Project / Visio with no problems, by first downloading and using o15-ctrremove.diagcab to remove all of the 2013 office apps. I then installed all the new 2016 ones. The only settings retained were those associated with my MS account and One Drive (for example, recently opened documents for one drive only). All other settings and add-ins had to be redone.
Overall, I like the update although not much has changed. The multiple timelines in MS Project is a big improvement, and the “Tell me what you want to do” feature in all apps is also a decent improvement. Outside of that… well, not so sure if it’s worth the upgrade.