The Latest C++ DX9 optimised version should simply update as it always has through steam ... " Your files folder will stay intact "
If your concerned then back it up first ..
There is nothing you need to do on release but it is recommended you verify your installation via steam once you have received the update.
Quote: "Will the FREE Entities include LOD. "
I think this will be up to the individual authors to update their models
The only person ever to get all his work done by "Friday" was Robinson Crusoe..