Another thing you may consider is the need to train your developers to the new language constructs, mostly generics, enums and the concurrent stuff.
Aside from this, I tend to think there are only benefits to switching to the most recent JVM version available, both in terms of performance and code quality.
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Depending on your codebase this can be a large project. Writing them is more difficult and might force you to refactor your code.
It's good practice to have few/no warnings in your java-code, so if you don't plan to use generics in your code in short time i would disable the warning, because you might miss a more important warning.
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The only danger I can foresee is that you'll get a lot of compiler warnings about the very Class/Class you raise. Consider upgrading your code to use generic-syntax.Because we take safety seriously, we try our best to staff moderators throughout the day.We also cooperate with local and federal authorities for matters that place our users in any danger whatsoever. Because of the new classloading policy on Java 1.5 VMs, your "enums" may not be loaded at all, causing Null Pointer Exceptions.The solution is obvious : replace them with standart Java5 enums.