Anyone following the preset thread in the Cabbage Stew category will know that the preset system has undergone some work lately. The upshot is you can now name and remove presets, the downside is it uses an entirely new way of encoding the preset data. It used to write it ax XML data, it now writes it as JSON data.
If you want to convert any older XML preset snaps files to the new format, you simply open the old .snaps file and select “Convert from XML preset file to JSON” from the File menu.
Note you cannot overwrite the older preset files. I thought that might be a little dangerous!