You can add your old dvds into the database - simply run the old version and backup your database.
Then run the new version and restore the database.
If you haven't paid for the software then there are limitations:
You can either add less than 50 titles and evaluate the full program
OR you can add all your titles and use a limited version (can't use flags, no online page etc. - I think there's a full list on the forums somewhere).

Also, it is true that there will be no more database additions for the old version, so you can continue to use it, but you won't be able to download profiles for new titles - you'll have to make them yourself.
But I'm sure there will be support for a short while, as Ken wrote both the old one and new one.

Hope this answers your questions.

Edit: PS if you paid for the old version, you don't have to pay for the new one - you simply have to change your registration key to a new version 3 key.

I concur.  Clearly worth it.  It's even worth the effort of updating existing profiles with better data.

thanks guys!