I purchased a valid license for Family Book Creator. What happens if I upgrade from FTM2012 to FTM2014 or FTM2014.1?

The bad news is that you need to install Family Book Creator 2014 (either 32 or 64 Bit) to be able to use Family Book Creator with Family Tree Maker 2014 or Family Tree Maker 2014.1. The good news is that the serial number you received after licensing your Family Book Creator installation does work with Family Book Creator 2014 as well.

Note: Right now there are no feature differences between Family Book Creator 2012 and 2014.
The Family Book Creator license is valid for Version 2010, 2012 and 2014 of Family Book Creator. Family Book Creator 2014 does support Family Tree Maker 2014 published by Ancestry and Family Tree Maker 2014.1 published by The Software MacKiev company.