Many of us have flashed our drives many times with no problems. You just need to follow the instructions faithfully.
If you flash the wrong drive; if you leave a disc in the drive; if you flash with corrupted files; if you have a power interruption during flashing, if you flash the right drive but with a firmware not made for it; these are the ways you can get into trouble. Optical drives do not "format". When you flash you are writing a progam to a chip that was designed to be written to. It kind of needs to have a working drive that is recognized by some form of operationg system in order to flash it from a computer. If you goof up, it can be very difficult or impossible to get anything working again.
Unlike other things that you can just leave alone (video drivers and old software) when they are working, DVD burning is never perfect. So, new firmware can improve the quality of the burn (happens a lot with newer drives in the early months) or can add additional media codes for discs that were not in production when they were produced. In some cases firmware can add features. If you have scanned your burns with a particular media and they are as good as you want, you can leave the firmware alone as long as you don't change media and the media you use doesn't change. To give you an example of how essential firmware changes are among serious users, go look for the Panasonic forum.
Can't find it can you. They never offer firmware updates.