I guess no, if the upgrade works smoothly. The new version hasn't changed in the sense that it still offers Compiz Fusion and it still requires you to have 3d graphics card + hardware accelaration enabling drivers for it..but if it works in 7.10, it should work in 8.04 just the same.
Depending on how you do the upgrade you might lose your settings, though, but that's not a big one to configure your 3d effects again. I recommend doing the upgrade by downloading the new version's install disc (either desktop or alternate disc) and using that; network upgrade does work, but is more probable to cause trouble. And take backups in any case; better safe than sorry.
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