Something weird happened here. I ran the installer and double checked that the update option was selected (by default it was the active option). Seeing how one user had a clean install, I carefully reviewed the install at every step. After that the installer asked if I wanted a multi-seat or one-seat, which is odd, as this was a simple update. I went back a couple of screens on the installer and saw that now the selected option was for a clean install. Changed that, and then the next screen was the usual list of steps the installer will do to update my version. After that all went as usual.
This was a SUPER SIMPLE upgrade from 1.2.1 -- I've updated three systems (HTPC I stopped TVService then ran the .exe; Win 7 client and Win XP client updated by running the .exe) and all is well!
Got myself into a bit of a bind with this upgrade. TV Server refused to start after the upgrade. I couldn't run TV Setup either - I assume that was due to not being able to start the TV Service. I didn't stop TV Service before the upgrade, so I guessed I only had myself to blame Anyway, thought the easiest way out was to uninstall TV Server, which I did. However, when I went to re-run the deploy tool, it would only allow a fresh install, as I had already upgraded MP itself to 1.2.2. I thought the deploy tool would have recognised that I already had MP installed as 1.2.2 and just re-installed the TV Server.
Anyway, after recovering from the backup, all is well. Just curious about how the deploy tool works with a "partial" install.