I switched from version 1.4 to version 3 and also this exchange works perfectly.
Once installed, the serial number of the old version is read and entered automatically into the fields.
Since entering the old serial number is also possible, I suspect that an existing installation of old versions is not strictly necessary. Because the databases are no longer each other kompatiebel this would also be inappropriate. This is especially interesting when you reinstall the computer.
When you first start the Version 3 takes over the settings of the previous version and converts the database for the new version without the old database to delete so that in case of doubt, also possible to work with the old version. Lightroom 3 therefore installed next to the version 1 as a standalone program.
Drawback this approach is that you must delete its old data in the appropriate directory independently after the individual catalogs have been converted.
Conclusion: Easy update of Ver. 1.4 to Ver. 3 possible. Great features and faster administration than in the 1.4 version