Uninstall, yes, but what about how to get back to the earlier version that was working fine? For me, before I update anything I run AppMonster and do a backup. It saves off the most recent version of whatever isn't already archived, then I do the update. If I want to go back I simply reinstall the old (backed-up) version of the app and I'm done. This has saved me countless times.
Also, when an app disappears altogether from the market (aka Play Store), and I should have to Factory reset, I can still reinstall the old versions.
Finally, since I have ALL the earlier versions saved in a history from previous backups, I can back-track through even earlier versions and install them to see what's changed and if I prefer them.