(adsbygoogle = window.adsbygoogle || []).push({}); It seems that some issues were there when, the team behind the now famous Cobra USB, had released its 3.0 software for 3.55 compatibility, along with their own custom firmware for PS3 consoles. The Cobra Team have addressed these issues, and have brought their package to version 3.1. It is advised that you update to the latest firmware, to avoid any bugs.

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Here is the quoted official announcement of issues that were addressed and fixed:
Cobra Firmware 3.1 is out, minor release to fix bugs.
Fixed stability problems. Cobra users are advised to update to this firmware as soon as possible.
Fixed compatibility issue with Mortal Kombat.
Fixed PAL/NTSC issues in psx games.
Bugfix: some few specific psx titles such as Langrisser Final Edition wouldn't play in other regions.
Fixed a possible discless bug under very rare circumstances.
Cobra USB Manager can now understand the ".001, .002, ..." name convention used by hjsplit and other similar programs and rename them automatically to ".0, .1", name convention. Users can use hjsplit or any other similar tool to split iso files in the PC.
Added functionality to the core to implement a cobra firmware updater in the PS3.

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Who needs some stupid branded usb when cfw is completely compatible these days?

I might get one

d you have to buy the usb device or can you jsut upload the files to a regular usb stick?

This device hasn't been released yet, supposed to be released next week. No one knows it's tech specs or physical components yet, but yea you will have to buy it and no there is no way in hell you can downgrade with just a regular usb stick lolz.