Canonical, the UK-based company behind the Ubuntu flavor of Linux, releases new versions of the OS twice a year, once in April (the .04) and once in October (the .10), every year. Being November 2017, the most recent version is currently 17.10.
Because of the 6-month window between releases there usually isn't dramatic changes in versions that close together -- you won't notice much difference between 16.04 and 16.10.
It should be compatible with your machine but the official requirements are:
- 2 GHz dual core processor
- 2 GiB RAM (system memory)
- 25 GB of hard-drive space (or USB stick, memory card or external drive but see LiveCD for an alternative approach)
- VGA capable of 1024x768 screen resolution
- Either a CD/DVD drive or a USB port for the installer media
- Internet access is helpful
What you should be asking about is the differences with 17.10, which is radically different than 16.04. After a Hacker News thread overwhelmingly suggested Canonical abandon its own custom desktop, Unity, in favor of the more standard Linux desktop, Gnome, (see this thread to understand the difference), Canonical finally went ahead and made the switch in 17.10.
My personal opinion: if it ain't broke, don't try to break it by upgrading. Unless you're a power user who can debug boot errors it's probably not worth the hassle, unless you just really love Gnome and despise Unity.