About YafRay and Yaf(a)Ray :
YafRay is no-longer maintained, so it's not compatible "out of the box" with Blender since 2.46.
Yaf(a)Ray is a complete rewrite and is compatible with newest Blender releases. You need to use some 3rd party software, like QT (for the interface used to set Yaf(a)Ray within Blender) but otherwise it just works perfectly (I only tested in Windows but Yaf(a)Ray binaries are available for Linux and OS X)
So you should not consider using YafRay for a fresh project.
About shaders :
Shaders are completely different from Blender to Yaf(a)Ray. So it needs extra work if you never used it before, with the Yaf(a)Ray interface and not with Blender Materials panel. I wrote a tutorial about some basic shaders here :
Tutorial : setting up Yaf(a)Ray shaders « Pixels or Atoms ?
YafRay was incompatible with some images formats (e.g. : PNG or TIFF) I don't know if the same apply for Yaf(a)Ray. You should test, I will asap.
About procedurals Blender textures, Yaf(a)Ray isn't compatible with every feature of Blender. Check documentation and check the mapping between Blender texture slots and Yaf(a)Ray's (they are described with the Yaf(a)Ray interface in Blender)
I hope it helps. I will be writing a tutorial shortly about starting up with Yaf(a)Ray.