If you made your /home on a different partition than the system, then all you need to do is format whatever you made / to be, and set the current /home partition to be /home in Ubuntu. Also, if you made a swap partition, best to keep this the same.
If you don't want to do this, then yes, you can just format & install Ubuntu, but just remember to make sure that the new Grub gets written to the MBR. I've had weird problems going between distros when this didn't happen.
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