and instead of installing the firmware to the flash (not "memory"), it does indeed install to the hard drive just like a computer OS.
but i'm still not sure about backup utility containing the firmware though but i really doubt it.
otherwise you would be able to use the backup utility to downgrade to 3.41-.
that's actually not correct though, as they reduced the flash size on all PS3s after.. i believe the second edition of 60GBs were released(?)-i could be wrong about the exact model, but that much is true.