I use genkernel (version 3.4.10.903). In /etc/genkernel.conf, I have set OLDCONFIG="yes", as well as MENUCONFIG="yes", because I need some custom settings. I have found that none of my old settings get copied over. I had come to understand that genkernel kept its own kernel config somewhere besides the kernel sources, and that it would automatically copy in the old config. But apparently this doesn't happen, and I have to manually reconfigure my settings. Reproducible: Always
All that OLDCONFIG=yes does it run 'make oldconfig'. If you want to use a .config from a previous kernel, you have to specifically point genkernel at it with the --config option.
Ok. I must have missed that. I didn't see it in the docs. Anyhow, how about this as a feature request: Have genkernel be smart about the oldconfig option. If you haven't specified one, and it doesn't see that you've copied anything manually, the only logical thing left to do is to go looking for the config for the most recent kernel. (Rather than silently fail, which is what it did, which is always a bad thing to do.) So I don't think this bug is invalid. There were no messages of any kind that I had done anything invalid. If I tell it to do oldconfig, and there is no oldconfig file, then that's an error condition.