We've done it automatically on our own CentOS servers for some time now. Once you've set up the exclude list you shouldn't have any problems.
Note that if you use RedHat rather than CentOS there's a possibility this could be less safe.
Why? Because since CentOS doesn't build and distribute through their own Yum repositories until a day or two later than the RedHat ones are built, that's long enough for them to find out if there's an error in the Red Hat ones, and delay until fixed.
If you run Red Hat Enterprise Linux but want whatever this minor safety net is worth, you can still update through yum repositories, but not if you want to keep your Red Hat support, for whatever it's worth.
Note that if your running a dedicated server in a data center that supplies it's own yum repository, then they might be delaying for the same reason, and you could already have a safety net.
Jeff