To Update Or Not To Update

I've got a sexy wittle 3.55 PS4. I know that there's the webkit exploit project in progress, but what's the end result? CFW? Jailbreak? Or is the outcome just to prove that either of those two are even possible, and even then, neither may get made.

I just don't know whether to update or not. Also, if I do, does my ps4 need to be on the latest update to access psn, or is it like 4.00 and up?

Thanks guys