pg_upgrade vs. pg_dump

Hello,

I am planning  a migration from 9.1.7 to 9.4.0.

Based on my understanding, the recommendation is to use pg_upgrade over ‘dump and restore’.

Is that right?

If I want to use pg_upgrade, I need to provide the -b bindir (--old-bindir=bindir) and so my second question is what if I’ll provide 9.4 (the new PostgreSQL executable directory) also as the ‘old-bindir’, can it work that way? Always?

[I am trying to solve a problem that I might not have the old-bindir available on the machine and only the new-bindir will be available (as well as the old & new datadir of course J]

Thanks

Hemy