How to Install Clean Without Trashing /home or other usable data

[Temlakos]

In the "Why Fedora?" thread, Michael A. Peters wrote:
 > On Fri, 2005-10-28 at 12:21 -0400, David-Paul Niner wrote:
 >
 >>   Fortunatly, in the Linux world, upgrading (for me
 >>anyway), has always been a matter of nfs mounting a remote /home
 >>directory.   Obviously, the same could be achieved with a local drive
 >>(and doing thorough backups!).
 >
 >
 > Yes - that's what I do.
 > Not NFS, though - just a separate /home partition.
 > I back up my ssl certs etc. - then do a clean install but don't
 > format /home
 >

That's it? Just don't format /home, but format all other partitions? 
(Could I perhaps get away without formatting /var/lib, if I break that 
off as separate? I keep databases and home-built yum repos there.)

Can I manage that if I use Logical Volume Management?

And once I do that: do I then have to re-establish all user accounts in 
the order in which I created them to begin with?