If you just transfer game save data, then no, install data and updates won't go with it. If you replace the PS3's HDD, by way of backing up the drive, on the other hand, to the best of my knowledge yes it does.
If you do the data transfer via ethernet cable then your new PS3 ends up being an exact copy of the other one data-wise. So yeah, you'll keep all updates.
Ok thanks. And I sure hope so, I had a new ps3 that failed doing that installation about 5 times, I don't know why at all. It wouldn't start up GTA either so I hope it was just the ps3, i returned that one to the store.