I have successfully done this several times now between two SuSE 9.3 machines running KDE. Copy the following files/directories from the "source" machine to a media you can take to the "destination" machine - use a USB pen, a ZIP disk, whatever. The files (all in your home directory) are:
.kde
.config
.local
Desktop
I use an xterm or Konsole, and do this via a "cp -rfp" command to ensure that ownership and access rights are preserved intact.
Take the media to the destination machine and drop it down to run level 3 (su to root and type "init 3"). This kills KDE (X too in fact!) so that you can change the files under its feet.
Delete the current copies of each of the above on the destination machine, and then copy the ones from your media. Thats it! su to root and type "init 5" or simply reboot to activate KDE again.
This definitely preserves the K menu, the panel and the desktop. I am not sure if it preserves all of the application settings - I wasn't worried about that, but I suspect it does, since all of that stuff seems to be archived in the .kde hierarchy. Good luck!