@Adrian, there were 2 posts that i flagged, they got declined and yet one of the answers ended up being closed and the other, was a complete mess of an answer that is now in some frankenstein state with the gist of the code it included deleted
http://serverfault.com/questions/308630/can-i-update-mysql-through-yum-repository-without-data-loss-corruption-should-i/506338#506338