the firmware updates are executable files, the printer needs to be off on the front. You can see what the current firmware version is by double clicking on the printer picture in versaworks, or through the printers menu/system.
Firmware updates can offer improvements, one was to reduce the frequency of re-inserting cartridges on the vs so they don't fail, one corrected the cleaning cycle on the VS to stop white retracting in the lines, sometimes they add support for new inks or retrofitted newer parts like pumps on the pro 2 and motor on the VS.