Your config.inc.php doesn't need updating unless you change what it is, the password in MySQL has to be updated as they changed the format of how passwords are stored in MySQL4.

If you really want to read about the password changes you should take a gander at the following two links:
http://dev.mysql.com/doc/refman/5.0/en/set-password.html
http://dev.mysql.com/doc/refman/5.0/en/password-hashing.html

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