Wow, that update process was horrible. First, I had .NET 4.0 installed and the v706 updater wouldn't work. I had to downgrade to .NET 3.5. Next, I had to install the pw1 twice? Seriously? Bleh. I think the big issue is having to manually get into "bootloader mode"...
In addition, I tried to load the new firmware updater. That was worse. It'd take forever to load (seemed like it was looking at every .inf file in my drivers directory). Once it finally loaded, I didn't feel comfortable using it.
Also, I almost broke down after not finding a PS2 to RJ45 adapter for the pedals. Turned out, it was taped inside one of the cardboard spacers. Phewww. Thought I was going to choke someone...