I've used mIRC for years. Updated in the past without problems and while the update wizard progressed, it asked if I wanted to keep the settings. Well, I did not see that little helpful question with the latest 6.34 and to my dissapointment, I lost all my settings. Too late, no way to recover them.
I've upgraded for many versions now and never had this happen yet. are you sure you didn't check options by hand in the installer after setting the dropdown to upgrade?
was your mirc.ini in the mIRC folder or in a different folder? are you using vista?
Even if you didn't specify the Upgrade option through the mIRC installer, mIRC makes (and to my knowledge always has made) a back-up of your most recent settings when installing a new version.
They should be in the backups directory of the mIRC installation directory, which can be returned by //echo -a $mircdir
ive had this happen, but try checking your app data folder, sometimes it changes where its saved.