Two OSX LION APPS? Which one do I use?

I recently bought a new macbook PRO. I had no idea Mountain lion was free so I ended up buying it off the app store. Once I became aware of the free upgrade I got a refund of my previous mountain lion and redeemed the new one. When I try download the new mountain lion OS it says I already have it installed and asks if I'm sure I wish to download it.
I'm wondering do I have to now reinstall it ? A customer representative told me that my current version will no longer receieve updates. With the new version I'm dwonloading will I have to do a fresh install or will it just overwrite previous installed files and let me keep everything else (such as skype,steam,itunes music etc) I would look to be able to get away with as little reinstalling as possible.
tldr; New and old version of Mountain lion. Do I have to install the new version and if so will it wipe everything or just overwrite previous files?
Any help would be great!
Thanks,
Dan

At this time, since you have the OS installed, there is no reason for you download the installer again unless you just want to back it up for future use. Which isn't a bad idea. And I think the CSR was mistaken about the OS receiving updates. That feature will work.

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