James, last time I re-installed build 107 and it took me around 10 minutes with no hassles at all
A clean install is always the best IMHO
Well, it's not completely true Stefan.
When doing a full install, you want certain settings to be copied as well. At this moment,the safest thing to do is set everything again after installing. Copying profile is not a good thing to do, as a lot changes in the config and ini files as well with each update.
When you have a G27 for instance, you have certain settings you need to change so the wheel operates in a good way. Doing a reinstall makes you have to set those changes again.
Fact is also that it takes a lot longer, as you need to reinstall all mods as well. An update is much quicker.
So, in short.
If you have NO changes in config, and use pure default settings, you can do a safe reinstall.
If you have customized some settings, I stongly advise you to update instead of reinstall. Just to make sure you are not loosing a certain setting. It's quick, safe and easy.
When you have missed a lot of updates, reinstalling might be a good option. But in this case, with only 2 or 3 updates missing, I would choose to update.
{edit}
I shall upload all updates from build 49 till the latest version later today in the Downloads section. Will keep that up to date with all future updates as well.