Okay, I made a live iso out of the installation, and then moved the repos to Quantal and updated and upgraded it. Here is the screenshot of that distro updated to Quantal. I have already upgraded it.
This is just to show you that you don't really need to download an Ubuntu based new "X" distro. If you have one, and you want to use it without losing all the apps and tweaks you had mede, you could just change the name of the repos and update and upgrade it to the new state, even better than the new "X" distro release.
Sometime later, I'll move this to Raring, of course after making a live iso. So, I'd have Precise-Nadia LTS, Quantal-Nadia and Raring-Nadia live isos. It is pretty simple!
Of course, if you are worried that you might make some mistake--Apt does all the work out of the way--you should try on a free partition and/or back up. If you are observant enough, there won't be any hiccups.
Don't believe, just because I say this, or the devs say something else, but you should decide for yourself, what's best.
What fun, if you don't make mistakes and then solve the problem!
Apt is a great application, which solves a lot for you, but as it can't think as humans do, the thinking part is yours!
Have a great day!