1. I'm not sure there is new firmware for that drive yet, but these people keep up with firmware, and I'm sure when a new firmware is released they will post a link to it quickly:
http://forum.rpc1.org/dl_firmware.php?c ... ufactor=16
2. Often they improve media compatibility, allowing the drive to make better quality burns with a wider variety of media. Sometimes they enable new features like Mt. Rainier.
3. Recent LG drives use MediaTek chipsets, so you can use MtkFlash to back up your firmware:
http://www.firmware-flash.com/~dhc014/mtkflash.htm
4. One way is to run Nero InfoTool, select the drive in the drop-down box, click the "Drive" tab, and you will see the Firmware Version in the upper right corner of the information display.
cfitz
<edit>
Replaced mtkflash link with a link to our own dhc014's mtkflash page.
</edit>