I'm currently running Hermes 3.41 CFW but my blu ray encryption needs updated and it seems the only way to do that is thru progskeet (and expensive 360 clips or soldering for my 256 NAND) or to do a firmware update.
Because of this I'm considering updating to a 3.55 CFW. If I do this process, will I lose all of my games that are currently backed up to my hard drive? I'm assuming the answer is yes and I would hate to have to redo them.
No, all your data will still be on your HDD after you update. But some game might not work if they were modified to work on 3.41 firmware at the time. So you might need to swap the modified Eboot.bin files with the original ones.
Heyman is right. I know for a fact that some of the eboots that you have will not work. You will have to change them to the ones that are for 3.55. However some of them will work. But your data will be safe on your hard drive. Up grade to ofw 3.55 and then to a custom firmware. Thanks and let us know if you need help.