Nope, almost all of our versions you can just install over the top of whatever version you currently have and it will automatically do the necessary upgrades.
We'll make it very clear if there's a time that you need to go through special steps, but we avoid those as much as we can.
Hope the new version treats you well! It fixes a few issues and adds much better control to the Login / Register form for both overall layout and easy CSS overrides to tailor it to your needs.
Alex