Simple, yes. Once you get past ordering all of the correct pieces. So many part numbers that run together if you're not careful. Some of the combinations are confusing, especially where you are combining two 1771 modules into one 1756 module (6 and 8 point modules) or where two 1756 modules are required to replace a single 1771 module (8 point isolated analog). When the 1756-IF8I module becomes available that will alleviate that problem.
Snapping the swing arm adapters into the 1771 chassis replacement frame takes a little practice.
A couple of drawbacks that I see are the fact that you're introducing extra components and connections between the field device and the I/O module and the fact that your 1771 swing arm connections are covered up once you mount the 1756 chassis. If all of the I/O points are wired down to terminals then you're fine, but if you have modules with few points in use you pretty much give them up unless you make provisions during the conversion.
We did one conversion where all of the 1771 I/O was cabled to IFM modules and we thought about just replacing the IFM cables, but there are some differences in the field wiring to the IFM between 1771 and 1756 modules. Using the conversion kits was quicker, and did not require any rewiring or disturbing of cables in the panels.
We always pre-assemble the chassis and swing arm adapters, and put matching labels on the the adapters and cables that connect to them. Then place all the parts for each chassis in a separate box so everything for each chassis is in one place and parts do not get crossed up during installation.