I think a lot of systems, a lot of them embedded, will fail in odd ways. Y2K was mostly a data format issue. This is much more interesting (and widespread).
BCD could be one of many problems, but ASCII strings would me more common in systems I dealt with. There were a lot of assumptions about two digit years that maybe made sense sometime in the 70s for code that you didn’t think would survive more than a few years.
Also take a look at struct tm. Its tm_year looked like just a 2 digit year and as such people may format it with printf(“19%02d”,…). It is actually the number of years since 1900. In early 2000 I had to fix a broken ftp server that was sending 19100 as the year.
I think it's likely to be better handled, but at the same time people keep citing the non-disaster of Y2K as a reason not to do disaster preparation, so I don't know.