Well as far as i can tell it doesn't require 3.42. What I've done so far:
Downloaded F1 2010
Checked SFO file, lists system version as 3.4100, so it should be fine as far as firmware is concerned
Deleted Update file(as i normally do to save space)
Copied to PS3 via FTP app
Launched the game
Game launches fine using backup manager, and installs no problem, then you get to see the credits (the ones that show the dev and publisher names), then you get a loading screen.
After the loading screen it seems to break (atleast for me and another person on the site i downloaded from), it pops up with a message saying that you have no controller connected (despite the fact that pressing the PS button brings up the menu to quit game/reassign controllers etc), doesnt seem to matter what you do it wont go past this point (quitting the game will result in getting stuck on the "Please wait" screen, which means all you can do is restart/turn off the PS3).
I'm sure someone will fix it, but i need some sleep now.
If you couldnt be bothered reading that, then no update is required, but game doesn't recognise the controller.
What's up here? Now we have a bunch of opposite statements from the users. some say, they have tested it and it just works fine and others are reporting, that it starts but doesn`t recognize the controller.
perhaps it will be better to list the (scene) release names as there could be a difference in region, file structure or something similar. of course only if it is not against the board rules.