So once again I turned to my helpful SDL support guru, who provided answers to my friend's questions. These are questions likely shared by others, so here they are with the answers:
1. Do I uninstall Trados 2007 and Studio 2009 BEFORE installing the update?
[SDL] Only if you want to. 2011 is completely independent. If I was you I would keep all three so you feel safer (even though 2007 and 2011 are enough). 2007 is useful to keep in case you want to create bilingual word files yourself, or connect to 2007 server solutions directly (soon this won’t be necessary either). TTX you can create with TTXiT. Otherwise no real need for 2007 or 2009, 2011 will handle anything else.2. Do I have to return my Studio license before I get a new license for 2011?
[SDL] No, we haven’t asked for this. 2011 uses a completely new, and simple, licensing system so this is also independent. But once you upgrade (so don’t purchase an additional license, just turn the 2009 into 2011) then your 2009 license will disappear from your “My Account”. It will still work, but if you lose it then it’s gone. If you purchase an additional license for 2011 then you will obviously keep them both.
3. What about Multiterm? Do I need to upgrade that too and will that cost me extra? – from what I could see in my account, it would (or is it somehow included in the Freelance Plus version?). Bear in mind I already have Multiterm 2009 and my customer is mainly bothered with me updating to the new Trados 2011 – could I theoretically use MT 2009 together with Trados 2011?
[SDL] If you have it already then the upgrade will also upgrade Multiterm. This is also independent and for this reason alone I would recommend installing it. No more silly side by side issues..!