Replication. How do you migrate from a replicated VM2010 environment to VP2011?

1. Upgrade "in-place", all three sites to VC2011 RTM. ("In-place", means just run the VP2011 installation and allow it to uninstall VM2010). When prompted at each installer’s end, do *NOT* open ADMS console to migrate databases.
2. Install SP1 then SP2 *without* opening ADMS console to migrate any.
3. Migrate DB from one of the ADMS console (preferably one closest to SQL)

If you need to add a new site or if you have applied Vault <family> 2010 Update 2, please see this solution

http://crackingthevault.typepad.com/crackingthevault/2010/09/replication-vault-2011-adding-a-new-site-after-applying-update-1.html