I'm using Russian language manual for CEX->DEX procedure, i think you can find good manual in this thread.
Yes on 3.55 DEX you can use Blu-ray disks and yes - games that required 3.55 FW and yes movies also, and yes use your external drive to play old and new games that need 3.55 fw. But for fresh games you will need to update into 4.21 DEX and write game on external drive with ps3gen tool.
A very noob post here but I'm finding that coming to the PS3 scene late is causing me some serious misunderstandings (Ask me somthing about the Wii and I'm all over it!)
Forgive me if I write this out in baby steps but after trawling the posts for hours I still can't find a yes or no answer.
I currently have a PS3 on CFW 3.55 which works fine. I know that a lot of newer games require 3.6+. Is the only way to play these backups either to wait for a patched EBOOT or to convert the console from CEX to DEX? and I assume that there are multiple versioins of DEX.
I have seen multiple guides on how to do a conversion but none really saying why I would want to?