I use this plugin a lot and have built tons of responses in the config. I am worried about the unexplained note in one of the recent updates:

"MAJOR UPDATE. WARNING: This version is incompatible with old versions. Please, be careful."

What does this mean to me? What will I have to do in order to move to this new version? Do I have to manually convert the entire config?

I am sorry, but you have to manually convert the entire configuration. But there are a lot of better sides: optimisations, easier to understand configuration and some new features including features for developers 

Alright thanks. I appreciate you letting me know.