CE 7.1 vs NWDS 7.0

I'm a developer that has been using NW Developer Studio version 7.0 for building Web Dynpro's. My apps are deployed to a NetWeaver 7.0 Portal instance. Now enter a tool called NetWeaver CE 7.1. I understand some of the new features in CE. However, I don't understand if CE is replacing totally the NWDS 7.0 environment. In other words, should I uninstall 7.0 and install CE 7.1? Can I import into CE the Web Dynpro's created with NWDS 7.0? Can I create new Web Dynpro's in CE 7.1 and deploy on a NetWeaver 7.0 environment?

I would like to upgrade my development environment to learn the new features but I'm worry that my current and prior work will not port to the new environment. At times, it seems that the documentation is suggesting using NWDS 7.0 and CE 7.1 side by side depending on the type of application required.

I would like to hear from experience individuals. Thanks.

-Mario