Firmware is a BIOS / Driver update for your DVD-RW.
So, what are the advantages? Well:
1. Bugs are fixed from the previous versions.
2. Support for new media.
3. 4x support for media which didn't have the capability before.
4. Support for new software
5. Some actions / media may damage your drive if you do NOT update to the new firmware
-AND-
6. It isn't going to affect anything to do with your system/setup/software but you MAY or even WILL damage the drive if it isn't updated. You do NOT need to go back to the previous versions anyway once you have updated so there is only one thing left to say and that is update your drive - you'll be glad you did!
Hope this helps,
LUFCfan
You can find the update
here.