I just upgraded to MC 1.5.1 today. I'm using today's Forge 7.7.1.676, plus the very latest ChickenCoreMods, NotEnoughItems, InvTweaks, and ModSpawnHighlighter, all for MC 1.5.1. CCC and NEI were installed in coremods, and the others were in mods. There were no other mods, such as OptiFine.
I was able to log in to fyre.uk and look around. I didn't use any of the mods' features, I just explored a bit. Then I logged out, and tried to load a local SP world that I had created in MC 1.4.7. If it matters, I've shared this world on the LAN, to play MC with my wife, who until now was also running MC 1.4.7 with the same 1.4.7-appropriate modes (except ModSpawnHighlighter, which didn't have a 1.4.7-compatible version). As soon as I double-clicked the world, I got an error message in the MC UI that lots of ID's were missing or out of sync (sorry, I don't remember which), and I elected not to continue. After that, I saw "Shutting Down the Internal Server" which was basically an MC hang--nothing I did would quit MC, including Ctrl-Alt-Delete, so I had to restart to recover.
Here's the ForgeModLoader log: http://pastebin.com/PDS9ULHm
Thanks,
Shep_