About a month ago Steinberg released a decently sized update to Cubase, bumping it up from version 7 to 7.5. When I saw the feature list, I was all about updating. Problem was, I couldn't seem to get the program to actually update my existing install.
No matter what I tried, Cubase 7.5 kept installing as a brand new version, available alongside my current version 7 install. This wouldn't be a huge deal if it weren't for the fact I'd need to reset all of my configuration settings across the entire program, as well as recreate my project templates. Thankfully there was an easier way.
I discovered copying the XML files from my Cubase 7 user folder (as well as the "Project Templates" folder found within), to my Cubase 7.5 user folder, my settings all copied into Cubase 7.5. Thank you, Steinberg, for keeping configuration file compatibility between versions.