Hi Dancer, as mentioned in the private thread, you can likely go ahead and do the update, the problems reported have been varying but tend to float around the downloading and installation issue.

If your not comfortable doing the install and have some technical issues just call sony and have them walk you through the process.

As lyndon said most of the issues reported have been with downloading and installing not damage to ps3's

I also see that some people that hacked their blueray firmware to allow them to play copied movies got dinged by the update and it has disabled blueray playback. Assuming you havent been hacking your PS3 you should be fine.

Id go ahead but if your not comfy with the process give sony a call.