The pitfalls to look out for are significant delays in network polling caused by incorrect or non exitant lookups and reverse lookups.
As DNS takes time to propogate through large networks, how many nodes are you transfering?
I am involved in managing customers networks so we don't have control of name services as such. If you have complete control of your name space it makes the job much easier. Issues of IP address clashes should just not happen.
Make sure your host (management servers) have had thier DNS confgured correctly before switching over. If the managenet server can't reslove its own name and reverse lookup then you are doomed!
By the cway, relying on DNS the host files for a reasonable size network will put your network management system under pressure.