I think I'm just echoing some of what's been said above, but updaters should beware that some funny stuff goes down with the mod settings. I was able to run the update with no problems, but when I reinstalled some of my personal presets, several sounded funny. The settings for the top row knobs were fine, but the bottom row needed some tweaking. Fortunately I had written down the specs for all of my old settings, so some quick adjustments fixed things.
So, the lesson is, write down your settings before running the update.