Be absolutely sure you don't install Armory in a different folder than the previous installation. This might lead to a complete loss of all your (non-backed up) wallets.
Uh...it shouldn't. If this happens for some reason, let me know. But the install folder has
nothing to do with your Armory home folder which is where your wallets and settings are kept. The only way to change or affect that folder is to change the "--datadir=" flag when running Armory, and that will simply change it... it won't delete anything.