Edit: Update Rollup 17 is now available for Exchange 2010 SP3 see the post Exchange 2010 SP3 Update Rollup 17 installation tips.
Microsoft released the Exchange 2010 SP3 Update Rollup 16 on 13 December 2016.
I installed Update Rollup 16 on my test SBS 2011 server this evening and it took about 10 minutes from start to finish, so I wouldn’t expect it to take much longer than this in production.
Please test before installing into your production environment. Maybe even wait a few days or a week or two from the release date to make sure the QA is up to scratch on it.
For migrations to Exchange 2016, Exchange 2010 SP3 Update Rollup 11 is the minimum version that will be supported in a coexistance environment.