It will update all of the digium source but generally leaves alone your custom stuff thus it is not a complete reinstall rather the digium stuff gets updated compiled, and the new binaries are installed. There are some other programs such as flite that is also recompiled under asterisk 1.8 only.
Worried? Back up everything using any number of methodologies available to you. (You do backup everything prior to doing major plumbing to your system...right?)
Once you have a complete backup and have tested the restore capability (You do test this prior to relying on a backup....Right?)
Perhaps an improved todo list should be:
1. Backup bare metal image of your PIAF system using whatever method you like
2. Test backup and restore of PIAF system prior to proceeding
3, Examine you reasons for upgrading and give your head a shake. Ask yourself if it is working do I really need to upgrade? If you do it is sometimes easier to do a reinstall with the very latest version of whatever color you need. (Remember the install program gets updated frequently when new methods or programs become available. Update-source only upgrades the Digium components, and optionally, the kernel and centos.)
4. Take a deep breath and run update-programs
5. run update-source
6. Run update-fixes
7. Reboot your system and then see what happens.
It is impossible to warranty that this will work on every system in the cosmic all! Every system is different and users have a tendency to "improve" things beyond what the original authors have the ability to foresee.
Does it work? I use it in my commercial practice when needed, which is not very often. <Works over here on all flavors of PIAF>
Beyond that your mileage may vary. No warranty express or implied. Good luck with this.
Regards
Tom