I'm currently trying to downgrade my PS3 after fitting an e3. (original FW 2.70)
The chip on the ps3 that the clip is attached to is samsung and so i have used the multi (samsung) update.bin for the flasher, the bin file has gone from the microsd so i'm guessing it's taken it, it simply came on an then all blue lights displayed. (switch 1 and 2 down the rest up)
I then left the microSD in and tried to back up with switch 3 up and rest down however on pressing start and after 10 secs or so the first blue light flashes and thats as far as i have managed to get.