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I really think that they're angling for that $10/month subscription fee. . .
No more serial numbers with a subscription? Finally I hear of a positive aspect of their program!
Seriously, it is probably great for professionals. 
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Make sure you still have the serial number of your original installer disk
Good tip, no matter the media! As for this update, no disks involved, downloads only. The old and new serial numbers were requested during the installation process, but that was handled by 1Password!
Just another of it's great features; download url, company support site, original cost, dates, etc. Of course, it searches the drive and inserts the correct icon for any app you create a record for. I can live without LR, but I'll quit using a Mac if I can't have 1Password... URLMPro comes in a close second, too.