The lite version doesn't have any official sony updates, but it can download them automatically.
Changelog:
1.11
Added 3.40 LE-3
Added automatically check for updates in options
1.10
Added a status bar
Added ability to download missing files
Added Tools>Download Firmwares
Added 3.40 LE
Fixed the options window glitch
Added free space checking
Added warning message if Memory Stick is bigger than 4 gb.