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Will PD16 projects load properly in PD17?
Highwinder, I can't speak specifically for PD17, but my previous experience in nearly all versions of PD updates has been no. They always open, that has not been a problem, your specific wording is "properly". What I've experienced is some subtlety in some feature, for instance, a different picture assortment in a slideshow so some title you may have added for a particular scene is no longer correct as the pic in the canned slideshow sequence was changed. Just minor stuff like that, when noticed, can often be corrected easily.
I have also had to revert back some pds files as it was simply easier than edit fixing. So yes, it's often possible with a little manual pds file editing. A case of doing it successfully for a fellow editor was here, PD15 back to PD14 as he had invested a significant amount of editing time:
https://forum.cyberlink.com/forum/posts/list/49811.page#post_box_262060
Creating a duplicate pds file is always a good idea. Most users pds files are much smaller than 50MB, yes MB, so if you've got storage problems for duplicates of that you've got much larger editing problems. Probably not a issue for most, but I often have to work in the present with stuff I created several yrs ago so I've been in the habit of adding PD version to my file names so I have a quick visual clue, example1_PD15.pds as I reopen in different PD versions and potentially edit/save again.
Jeff