Currently these will not be uninstalled. In many cases it is ok to have both on the same system but for some applications such as Acrobat it will cause problems. One example of a potential problem is that Acrobat installs pdfmakers into several applications such as Microsoft Office. So I would say that the best practice is to uninstall the older versions of the applications. A standard msi uninstall will work. And of course that will save you some hard drive space.
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