Yes, there was a 2.3 FW released over a year ago. Bookmarks are still there. All 2.3 did was fix a few more games. That was the last update TeamCyclops ever made to either of their carts.
It seems that there were some people complaining of some issue or another, but I've never had any problems with 2.3.
You didn't specify whether you had the EVO or iEVO, but the iEVO also added support for a sort of a partial DSi mode.
Be sure to get the correct update for YOUR version cart.
As for whether you should update to it or not.....that's up to you, but I don't see why not. I mean, that firmware WAS released over a year ago, so either way you'd still have to manually patch newer games to run on the Cyclo anyway. It's just that with 2.3 a few more games should work without external patching than 2.1 had, that's all.
There doesn't seem to be any mention of removed features in the change log, and I don't remember that being the case anyway.
What I'd suggest is that you make a backup of your files beforehand (as you should do before any update), then upgrade to v2.3 firmware. If for some reason you wish to revert back to an older firmware version, place that update file onto the root of the microSD card as usual, but hold DOWN+B when booting the CycloDS to force an update.
The website I am linking to (CycloDS Revolution, an unofficial support website) includes a list of all firmware revisions, so you can upgrade or downgrade to whichever one you want. See 'Download > Firmware' in the top menu.
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