Yes, you can install as many as you want...
Originally Posted by psmuk
Keep in mind, a lot of people dont know, there is a 3.41 CFW and its great too.
I have been using 3.41 Hermes CFW since it came out and dont plan on going anywhere. Most people made the jump to Kmeaw 3.55 when that came out and that became the standard, but a lot of people still are hanging out on 3.41 as there are some ups and downs to both to consider.
Few things to consider:
3.55 - Can update new games (that require 3.50 and 3.55) without a hassle. Discless compatibility sucks, so if your blu ray laser dies so does your gameplay. Sony took away 3rd party controller support. No dongle option.
3.41 - Can play almost ALL games discless, so if blu ray laser dies you can still play games. Can still use a dongle. You will need to find modded eboot files for some of the newer games (not as hard as you'd think. Theyre everywhere)
NOTE for both - With 3.60 games we are all now in the same boat now. Both 3.41 and 3.55 users will have to wait to see what happens with 3.60 games
Note if you go with Hermes CFW, locate a copy of Hmanager which auto-loads the payload for you AND it is also the original manager to integrate the ability to play large files off of an external. Irismanager for 3.55 is simply a port of the original Hmanager. Both do the same just depends on what is more important to you with the CFW's.
As far as I know, my ps3 has never had an undetected error.