[Dovecot] Migration Question

Hi all I got a shiny new server and I want to install the latest and greatest of everything on it. The old server has dovecot-1.2.17 working with postfix-2.8.4,1, dovecot quotas, sieve etc. My question is: Would it work of I installed dovecot 2 on this server along with everything I want and just copy the /home/virtualmail directory where all the user mail directories are? I use the Maildir format by the way.