The plugin has been updated. It will need to be reinstalled too. I will fix the changelog.

You just uninstall / install the plugin, no settings there.
As for the main component you will have to do settings again, but the albums will not be deleted.

1.6.0
+ Added default thumb view to APA mambot with template support

1.5.5
+ Changed to display: none for hidden div
+ Changed to YUI compressor for packing JS
+ Finally fixed the error with IE operation abort

1.5.3
+ Tweaked html layout in all 3 views

1.5.2
+ Fixed Operation Aborted error in IE when logged in with plugin on J1.5

1.5.1
+ Centered thumbnails in photo view
+ If thumbnails not present GD library creates them automatically on display

1.5.0
+ Upgraded to ExtJS v2.1
+ Added bulk upload feature

1.4.4
+ Fixed Fatal error: Class mosapaconfig with plugin on Joomla! 1.5

1.4.3
+ Fixed "operation aborted" in IE caused by templates with domready event previously registered

1.4.2
+ Fixed an issue with ModSecurity blocking inclusion of files from higher directory levels

1.4.1
+ Fixed instantiate non-existent class:  jcache when cache is turned on

1.4.0
+ Added compatibility with Joomla! 1.5 in legacy mode

It has a plugin setting for showing album inserted into an article in thumbnail mode instead of photo mode.
On demo it's still set to photo mode but can be changed in plugin parameters.