Ok, so I'm new to the PS3 CFW scene, and I think I've gathered answers to most of the questions I have, I just wanted to verify them with some people who actually know what the're doing, unlike me.
If any of my answers to my own questions are wrong, PLEASE let me know ASAP, I plan to install it in the next few days, so I don't want to screw myself.
Q) I'm currently on OFW 3.50, what is the installation process?
A) To install a CFW, I must first install OFW 3.55, then the 3.55 or 4.30 CFW of my choice.
Q) Are there any drawbacks to the 4.30 CFW as opposed to the 3.55 CFWs?
A) From what I have read, it seems like 4.30 has mostly recovered the functionality of the 3.55 CFWs, plus I can play newer games
4.30 isn't quite as good if you want to run Linux as well (at the moment).
Q) Can I downgrade from a 4.30 or 3.55 CFW?
A) Yes
Q) Will signing into PSN get me banned?
(Please confirm my answer)
A) This answer seems to be mixed, overall it's not recommened, but it seems like people are patching their games and shopping from the PSN without many bans. However, playing a game online seems to bad news.
If you sign into PSN with a CFW PS3 then you run the risk of being banned, I think that's just common sense. Beyond that, it's impossible to say what Sony will do in future without a crystal ball. Nobody can give you a guarantee.
Q) Is there a "best" 4.30 CFW? The OP recommends the Rogero 4.30.
A)
Rogero is very simple so good for noobs, Rebug offers more options to the user (many of them very cool) but isn't very noob friendly. N.A. has a stated preference for minimal changes in a CFW (compared to OFW) so Rogero is his preference; Rebug REX is the complete opposite in terms of philosophy, it offers a massive overhaul compared to OFW.
Q) There seem to be a lot of tools out there to assist with CFW tasks, are any of them necessary, or is there list of them somewhere?
A)
I don't know the answer to this, input is appreciated
Q) I am waiting for the Tales of Vesperia Translation patch to come out, so that I can play the JP Import version with a translated script/menus. Previously it was expected that 3.55 would be needed, but is 4.30 ok?
A) I believe that both versions will work