Major upgrade to a product (not backward compatible) - new product or update

Does it just look new or does it also function new? I’d try to upload it as an update, if the product is well-established and has a fame already and a few hundred sales. Create a script that upgrades the old settings to the new product, and also a frontend script that guides the user through the changes. Photoshop v3 didn’t look like CC 2015, yes it’s the same software and people got used to the new things.