So we just upgraded the kitchen faucet last weekend. We had three holes, 8" apart - so that was standard. But we went we a Glacier Bay "one hole" from Home Depot.
The center hole was 3/4" so I had to drill it out to about 1 1/4" for the new faucet. Not hard, but I'm glad I had a 3/4" dowel to allow me to center the new hole saw. And, of course, I'm glad I had a larger hole saw.
The only other thing - someone else has mentioned. The old PVC pipes had 1/2" nuts on them and the new faucet was expecting 3/6" threads. A few minutes staring at the Brass Connectors in Home Depot solved that issue.
Other than that - we're glad we did it and wish we'd done it earlier.
Before you start, take a peek under the sink and make sure you've got clearance to work.