Benwayj,
If you connect to the existing database on a new host you should not loose anything of any real consequence. You will not lose folder structure or resource settings (resource pools) or virtual machine settings. I have done this multiple times. If you have products like vShield Edge, update manager or vcop's tied in these connections will need to be re-established with the new vcenter.
The process that is safest and supported by vmware is here: http://kb.vmware.com/selfservice/microsites/search.do?language=en_US&cmd=displayKC&externalId=5850444
Let me know if you have any questions.
Thanks