K> Sooooo, going from 10.04 to 12.04 is not an option?

Yes and No. In theory you should be able to upgrade from one LTS
version to the next in one step. The problems arise when the user has
installed programs and tweaks over the years that don't upgrade well,
or the enormous changes that the new version makes. 12.04 is a very
different OS to 10.04 even though it's still Ubuntu !!

Nothing to stop you trying a direct upgrade when 12.04LTS is out but
don't be too surprised if it all goes down the pan and you end up with
a bricked OS that needs a clean install :-(

I know I'll not be upgrading to 12.04 - it'll be a clean start even if
it does mean a lot of effort, overall it's worth it to have the best
chance of a trouble free next 5 years