If you are familiar with the virtual store and UAC then you should have few problems. It's not worth reinstalling the games if they are working ok.
On the other hand, copies of the game can easily be made into the games directory if you ever want to install MODs such as HPP, ICE or Mini Storm,
Pretty much this. The main problem with UAC is when you install a patch it'll either come with a new map cache or advise you to clear your old one and let the game generate a new one. But then you start the game and it loads the old cache from virtual store and you end up with wierd naval ranges.