I will be saving my current Program bank to MCC in preparation for the FW update for sure.
Question:
-Will the upgrade overwrite the current bank with the new bank Victor designed?No. It leaves the presets untouched. The new bank can be loaded at your discretion.
-If not, is the upgrade going to automatically transform my patches from V1 to V2 (doubt it) right in the MB?AFAIK patches only gets transformed when they get saved or transferred to the MxB. The system is transparent w.r.t. this, so all patches can be treated as V2 once the new FW is installed.
-I assume I will have to reload my current bank from MCC into my updated MB to convert them?Yes, AFAIK, for a bulk conversion. But again it's transparent, so you don't really have to worry about it.
-I suppose there is a possibility that old patches may not sound exactly the same as before?No, old patches sound just like they did.
As aWc mentioned, the one thing that would be good practice for all users, is to save a backup the current patches, just as a precaution.