If you only want to keep your files (documents, photos, music, movies, and other files), choose Just personal files.
Fonte: link
Não menciona perfis. Mas mais abaixo na mesma página:
If you want to keep using a local account
Windows 8.1 is designed to be used with a Microsoft account, so we recommend that you give it a try. Simply put, a Microsoft account is the glue that holds together so many useful features of the new Windows. Without one, you won't be able to, for example, get new apps from the Windows Store, automatically sync your settings and documents between PCs, back up your photos to the cloud so you can get to them from anywhere, or see all your contacts from multiple email and social networking accounts together in the People and Mail apps.
But if you're sure you want to use a local account instead, click Create a new account, and then on the new account page, click Continue using my existing account.
Então, nesse sentido, sua conta antiga parece ser utilizável.
No FAQ, eles têm algumas explicações adicionais:
Will I be able to keep my files, settings, and apps?
If you're running You can keep
Windows 8 -> Windows settings, personal files, and most apps
Windows 7 -> Personal files
Então, tanto quanto eu entendo, você não será capaz de manter todas as suas configurações e DRM's atualizadas do Windows 7 para o Windows 8.