Will 4.08 upgrade revert changes to templates?
 

I have made a ton of little changes to many templates using a custom theme. Eg. adding classes to menu tabs and completely removing certain div's from pages.

Will upgrading to 4.08 revert all of these changes?

** I'm running 4.07

I would like to know this as well. I am running 4.0.4 and want to upgrade

Me too...

From what I know there were some major changes in the 07 to 08 release and any styles/templates apart from the default VB have a good chance of producing issues.
The only way to know for sure is to do an upgrade on a test installation with those templates in place.
The best way for any upgrade of this magnitude is to take your present installation back to basics, that includes mods, styles and templates, then reinstall them all one at a time with the 4.08 versions.
It's not hard to create a duplicate board in a separate directory with a copy of your db, a few changes in config.php and a couple of settings in options and you have a duplicate. The only constraint may be disc space on your server depending on the setup you have.
All that said, the more I work with 4.08 the more I like it and it's worth the bit of time to do the upgrade.

most changes from 4.0.7 to 4.0.8 are related to style issues , if you already have cosumized your styles i think there is no need to upgrade to the latest release