Hacking should i update?

Unless you can get this hack to work, just update it anyway. Also, while 3.50 isn't the playground 3.36 was for moding, it is still exploitable via VHBL. Just don't update yet unless you absolutely need to do it before the exploitable game is announced (which I unfortunately had to do).
 
I'd just say yes unless you have the means and desire to use your Vita as a little more than a glorified PSP. Granted, if you're on 3.36, there is the potential PSN access there, but I personally got tired of jumping through so many hoops for so little benefit and have decided to stay up to date.
 
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