I wanted to look into this issue before I installed CC "2014".. I too thought the whole idea with this was that the new versions would install over old versions. In the past I would install my apps into \adobe\photoshop (for example) and just keep installing over that same directory. As far as I know there is no option to specify the installation directory via CC. Is that correct?
Is there a way to download the apps and install them "the old fashion way" so I can specify where to install?
I've already run into this problem with the various update to Lightroom and wound up with multiple versions of Lightroom on my machine as well.
It is very frustrating but at least I know what I'm in for when I eventually do the install.
Rich