In Western woodworking at least low-angle block planes are favoured for planing end grain. These will generally give the best result, but any plane can do it if the iron is sharp enough and you take a very light cut.
Terminology note: a plane's blade is traditionally referred to as an iron, in older books sometimes as the cutter.
are there any gotchas to look out for?
Yes, breakout of the long grain at the edge of the board is always a concern. There are three common ways of dealing with this.
The first is to plane in from both ends, but I find this least satisfactory because you tend to see an obvious difference in the finish of the end grain (because the tips of the 'straws' are facing in opposite direction they catch light differently).
The second is possibly the simplest and is 100% effective, which is to clamp a piece of scrap wood onto the edge of the board which supports the long grain at the end of the cut. This is the method I favour personally.
The above techniques are shown in this image.
The third method is to plane a small chamfer onto the end of the board, then plane down to meet it. Note this does not always work, so I would advise not relying on it for any critical job.
Another general tip that can help regardless of the technique used is to dampen the end grain, which makes it softer and therefore easier to shear through. You can use water, although you risk raising the grain on the faces of the board, so some woodworkers instead use denatured alcohol (UK: methylated spirits) or mineral spirits (UK: white spirit).
Just use a beltsander? :)
Joking aside that isn't the worst way to deal with finishing end grain on a board, as long as you can hold the 90° angle accurately. Although you will commonly want to sand beyond the grit that belts are available in.