I updated the launcher to 1.4 via platform Next pre-release 4.1, and it proceeded to delete the \PortableApps\XAMPP\App\xampp which contained my complete and customized XAMPP installation with all my domain development projects. Could have been pretty devastating had I not just backed it up.
Probably not an issue with the platform so much as something noteworthy about the Launcher installer. Is it the intent to wipe the xampp folder on update?
Note to all: always, and I mean ALWAYS, backup before updating.