What is saved when you upgrade and should you upgrade or wipe clean the disk?

I have used 10.10 as long as i have used ubuntu and I have not upgraded yet. I have tons of files and applications on this computer and I really don't want to have to reinstall them and copy them. Will all of my applications and settings be saved by and upgrade and will all of my files be saved and carry over to the new version? Also is it really worth it to upgrade or should I really just wipe clean with a fresh installation. Even if you think I should wipe clean I would like too know whether or not I my files would be saved and my applications and settings would be saved. Thank you.

Solution 1:

All your data, settings and all applications still present in the 11.04 repository (so probably all of them, seeing as you started out with 10.10) will carry over with an upgrade.

Answers to the question of upgrading or installing from scratch: Is it better to upgrade through the Update Manager or re-install from scratch?