I hope Baked got his issue worked out .... Mine really complained. I hit the OK button to start the update, screen went black and stayed there, my wheel was flipping out going back and forth multiple times, and then the dreaded long beep from the PS3 and it would shut itself off. This happened a number of times.
Thats when I logged into the main PS3 account and unplugged the wheel. Update was perfect and lickity split. Not sure what that was all about on the Agent account, but it wasnt good.