It is always recommended to perform a Master Reset and Power Cycle after a firmware update to avoid conflicts.
If the previous firmware maincode was 2013-11-14 (version 0.13) or newer, you should not need to perform a Master Reset after performing a firmware upgrade. This will retain your settings, satellites and channel lists. You would only need to set time and USALS Longitude/Latitude.
If previous firmware version was older than version 0.13, then the master reset is highly recommended and .udf User Database files should not be loaded.