Upgrading JavaScript Libraries, code refactor on Dashboard pages

I propose to upgrade jQuery to 1.8. Here are the notes for each:

http://blog.jquery.com/2011/11/03/jquery-1-7-released/
http://blog.jquery.com/2012/08/09/jquery-1-8-released/

1.9 and above have lots of major changes and would require thorough code review before upgrading. 1.7 introduces faster event delegation and better IE support. 1.8 includes the Sizzle rearchitecture.

I've also included the new version of flot. The dashboard charts seem to be working still... are they being used anywhere else on the site?