The guide packaged with the latest version says this:
Quote:
Upload all remaining files from the 'upload/' folder in the zip.
Open your browser and point the URL to your forums, e.g. http://www.example.com/install/upgrade.php (where www.example.com/ is the URL of your vBulletin). Make sure to upload the files into your previous installation directory as appropriate (e.g. /forums/). The Upgrade Wizard will determine your vBulletin version and jump forward to the appropriate upgrade step.
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If I upload to my existing mysite.com/forums/ folder that will overwrite all existing files in there. Is this correct?