R4-III gets regular firmware updates. I've tried them, and they actually do change things, such as updating the titles of the games so the icons show up. They have a changelog on the official site (r4dsl.net). I have the card, and it plays NDS roms just fine and dandy. Don't get too ambitious, though; it'll get you a major headache trying to get YSMenu to work, along with some of the codes requiring hours to tinker around with. My friend Triassic says that he got YSMenu to work with his R4-III. I have yet to obtain success.
Keep in mind, I'm not trying to sell you the card; you're most likely better off with CycloDS Evolution from what I've heard. If you're not in the market for cheats/hacks and want a somewhat cheap card (16.50 at www.fundepots.com), R4-III will do you just fine until they stop support.