I did this very recently for 3 wordpress websites.
Worked great with one thing I had to remember....
MAKE SURE your database has the same exact name on both servers... otherwise you may have to open the .SQL dump text file and do a find-and-replace for all mentions of the old database name to the new database name.
Also, make sure your database username is the same, and the database password is the same. If you want to change or update these, you can edit the wp_config.php file then upload that to the new server. I save the old version...
Given that webfaction is gone, this may be no longer meaningful for many people.... but manual migration isn't that hard in my experience and may be good for future migration from other webhosts.....