I tested this out on my sandbox and things look like they're fine. Before starting up the new binaries, double-check the PGDATA environment variable (unless you manually specify -D every time).
Also I did receive this warning when uninstalling the old binaries:
warning: file /var/lib/pgsql/data: remove failed: No such file or directory
warning: file /var/lib/pgsql/backups: remove failed: No such file or directory
This is because we don't use those default locations and they didn't exist. That did make me concerned that removing those packages *would* try to remove existing database files, so tested with a default install into that PGDATA dir and then removed the packages. It looks like it left the datafiles alone, so my assumption is that it would only remove the "data" directory if it was empty. The backups directory was empty and was removed.
Don.