Woohoo! I just figured it out on my own.
Here's what I did in case anyone else has this problem:
Shut down your Adobe applications.
When you run the Bridge 1.0.2 update, Bridge will backup your old data directory as: C:\Documents and Settings\USERNAME\Application Data\Adobe\Bridge_saved\
(Replace USERNAME with your username on your PC (Mac directory is different). Note: This is a hidden directory)
I recommend you make a copy your "Adobe Bridge Keywords.abdata" file manually before running the updates if you value your keyword set and don't really trust a program to get it right. You never know when you'll encounter a glitch in the matrix!?!?
Now the new directory that Adobe Bridge will store the user data is:
C:\Documents and Settings\USERNAME\Application Data\Adobe\Bridge\
(Replace USERNAME with your username on your PC (Mac directory is different). Note: This is a hidden directory)
In there you'll find an XML file called: "Adobe Bridge Keywords.xml"
Delete this file and copy the "Adobe Bridge Keywords.abdata" file from your old directory into the new.
Run Adobe Bridge.
Bridge will now attempt to find the XML file but in its absence it will load your old "Adobe Bridge Keywords.abdata" file instead with all your keywords.
Now simply close Bridge and it will automatically generate a copy of your keywords to the XML file.
Tara!!! You're done! Next time you open up Bridge it will load the XML file with your keyword sets.
Note: You should backup your XML file regularly when you add/remove keywords or keyword sets.