A: While an in-place upgrade is possible from the Consumer Preview, the reality is that nothing is carried over and is instead placed in the Windows.old folder.
The only upgrade to maintain applications and settings is from Windows 7.
Remember there won't be a supported upgrade from the Windows 8 Release Preview to the final RTM release. It's also possible to upgrade from Windows Vista and Windows XP. However, applications aren't carried over and for Windows XP only, user accounts and files are maintained and not Windows settings.