CU3 itself does seem stable, getting it installed was a huge challenge!
The first challenge was to get past the "Prerequisite Analysis", because it kept complaining about mscorsvw having open files, with a different process id's each time I retried this. Eventually it would continue.
It seems that upgrading CU2 to CU3 through the GUI setup is broken. We tried this on two servers, and on both we got this warning after the step that uninstalls the old version:
"An unexpected error has occurred and a Watson dump is being generated: A reboot is required to complete file operations on '{4934D1EA-BE46-48B1-8847-F1AF20E892C1}'. Reboot the machine, and then run setup again."
After rebooting the machine and running setup again, it would then quit immediately after checking to see if enough space is available. The log files contain no indication about the cause.
After the GUI install had failed running setup with /mode:Upgrade did seem to work, but this would eventually crash with some PowerShell error, so Exchange was basically not upgradable anymore.
Fortunately I had created a checkpoint for our production Exchange VM, so I could rollback. Then I ran setup /mode:Upgrade and this ran without errors. Well almost...
Of course I had the usual crash in the Mailbox services role because the DiscoverySearchMailbox exists, I still have to delete this mailbox before every upgrade and re-create it afterwards. An issue that many people encountered and reported, but which the Exchange team apparently doesn't think is important enough to fix. I've had this since Exchange 2010 SP1.
We had a couple of users (both Outlook 2010 and 2013) that were unable to connected to certain shared mailboxes after installing CU3. Usually repairing or recreating the profile in Outlook fixed this, but still strange..
After the installation I noticed that the ExternalUrl for the ActiveSyncVirtualDirectory was empty, causing issues for new employees that tried to configure mail on their phone. Strange that the Get-ActiveSyncVirtualDirectory reports an "IsValid : False".. even after deleting and recreating the virtual directories. They do work though.