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Ah ha! Updated to the latest (as of 4:45pm) sneaky-peek, and now when I turn on syncing it tells me of a particular item that needs updating:
Unable to read document. Old-format transaction file "root=99A135D5-AFDA-496A-B2F7-1D99CBD10D0D:1EF5EADA-8642-4953-B5DD-7CCA610BC01D.xml" must be upgraded before opening.