Thank you all for providing all the links.
I went through all of them and got the following statement:
With the migration from the embedded database to SQL database - the process of uninstall and reinstall SEPM is required. This is supported by the article ID: TECH102547
http://www.symantec.com/business/support/index?page=content&id=TECH102547
With the migration from the existing SQL database to the newer version (e.g. 2005 to 2008) - the process of uninstall and reinstall SEPM is NOT required. This is supported by the article ID: TECH104723 and a discussion in the forum.
http://www.symantec.com/business/support/index?page=content&id=TECH104723
http://www.symantec.com/connect/forums/migrating-sepm-db-sql-server-2005-2008-do-i-really-have-reinstall-sepm
This article might also be helpful.
http://www.symantec.com/docs/HOWTO27479
I haven't started the migration process yet so I can't confirm the statement above is true. Will provide an update once this process is complete.