The latest update appears to be a bit vague, but it actually adds support for 3.55 consoles (via utilization of their own Cobra CFW). It isn't specified if it will remove functions of an existing CFW on the console, but it seems the logic they are going with is if you have Cobra, you don't need other CFWs.

Originally Posted by
Cobra Team
The Cobra Team is proud to present the Cobra 3.0 firmware pack, available from downloads section. In this release we enabled the Cobra USB device on 3.55 via use of our own cfw. Enjoy the release and look forward to many new features to come in future releases.
it's still a bit unclear on how the process works, as it says 3.55 support, but then further specifies that you must be running 3.41 on the feature list. But the user guide may provide some clarification for those technical minded.

Originally Posted by
CobraUSB User Guide
Cobra CFW will behave like a 3.55 ofw if the PS3 is booted without Cobra USB connected. It is
useless to install this CFW if you don’t have a Cobra USB device.
Cobra USB requires certain binary files of the firmware not to be changed. Changing these files may
make Cobra USB not to work at all, or to behave incorrectly. Changing fonts, xml, etc is fine, if the user
knows what he is doing.
I'm not going to make any further assumptions on the matter, we will have to wait until it is tested and it can be further understood. I'd recommend you heed the warning above though.
This would almost certainly be a direct reaction to the recent dumping of the devices 2.0 version, one can only assume it is to keep customers loyal and future customers coming in(what company wouldn't do that really). Now with the recent 3.0 features added here is the revised feature list of CobraUSB:

Originally Posted by
Cobra Team
** Blu Ray Movie region free functionality
** Allows you to play Blu Ray movie ISO’s from HDD
** Allows you to play DVD movie ISO’s from HDD
** Integrated support to play PS1 game ISO’s from HDD
** Enjoy PS3 games with files >4GB on external USB HDD
* Supports FAT and SLIM PS3 consoles any region
* Supports versions up to 3.50 (console must be running 3.41)
* Play PS3 games from internal HDD
* MCU firmware and flash firmware updatable using easy to use free PC updater
* First class customer support and free regular firmware upgrades
* No need to open your console, just plug and play
* High quality components and materials used throughout
* Unique and built from scratch Cobra USB manager featuring slick U.I. and customized options with easy navigation
*Actel based encryption engine onboard to prevent device cloning
* Fast onboard 2 Mbyte SPI flash for firmware storage
* High quality onboard MCU
* Easy mode selection via switch (PC update, PS3 downgrader, regular PS3 device mode)
* Downgrader functionality included free of charge, allowing users to upgrade firmware to and from 3.41 at will.
* Multi lingual user interface (English, Spanish and French as standard with more languages to be supported later)
** = World's first implementation
You can download the latest updates and get a list of retailers to
buy it from on their site at
www.cobra-usb.com
Source:
Cobra Team
Thanks to Persian_McLovin for informing us of this development !
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