Yep, I'm in the same boat but with a few more peculiarities in the mix. I backed up via Axe Edit, installed v8.01 via Axe Edit without a hitch, and then Axe Edit crashed. Test drove a few of my presets and thought they had been totally jacked when I realized they were defaulting to the 'Y' amp which had the 65 BassGuy plugged in to every one of them. So even the presets that I previously had an X and Y setting, the Y setting was changed to the 65 BassGuy.
I launched Axe Edit and it had some difficulty connecting to the Axe which is unusual. I powered off and rebooted and got connected. Then launched Axe Edit, got connected, and attempted a backup. Crashed 20 seconds into it. Tried again, same thing. Tried a third time and now Axe Edit crashes immediately upon launching.
So I'm in the process of putting Humpty Dumpty back together again via the front panel, which I fumble with since I'm more used to using Axe Edit.
So my guess is, I'll be using the front panel for a while until Axe Edit is updated. I'm hoping my presets will be intact once I get through going through each one and resetting them. I'm still learning the Axe II and have a long way to go, so building presets is a time consuming process for me. I wish I was more proficient with the magic box so I could manage these updates easier.