I didn't use it to upgrade, I did the good old way of make buildworld and all that, but I got bit with the 7.1-PRERELEASE thingy and then I ran sysinstall to go back to 7.0-RELEASE.
Like I said above, not one of my finest moments, but I now have the server back and recompiling the ports.
Trust me I'm not going to that again soon. But I found it a good way to get the system reverted to its original state like the day you installed it.
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