PS3 noob questions

[godrifle]

Hi, I just found a PS3 under my christmas tree. It's a 40 gig, V1.92...

Can I downgrade to play ps3 backups?
Should I hold out on upgrading to the latest?

Thanks and Merry Christmas

[PS3 News]

You can downgrade with the Infectus (HardStore.com) mod-chip installed only back to 1.92 if you backup your own flash first. There is currently no way to downgrade below what the PS3's original Firmware version was, for example my PS3's 1.10 Firmware flash dump can't be used on your PS3 as they are console-specific. This way you can update beyond 1.92 without any fear... however, be aware installing the Infectus mod-chip is not for amateurs as it's a rather advanced installation.

Finally, there is no way to play PS3 back-ups yet... with any Firmware or commercial mod-chip.