WordPress theme switching

HI there, I am sure I have read somewhere that the latest version of WP will let you save all your customized theme settings if you switch to use another theme – is this true? Or do I run the risk of having to re-customize my old theme once I switch it back?

What I want to do is to install a mobile WP theme and then install the plugin (mobile theme switcher) that switches the theme over when someone views my website from a smartphone. First I have to install the theme, activate it and then customize all its features and settings. I am just wondering if I’m going to lose settings on my current theme if I do this.

Appreciate any straightforward answers with this.