You don't need to reinstall anything, and it's quite possible that you got your BenQ as an "OEM" package, meaning just the drive and maybe some case screws.
You haven't lost anything related to the drive, but you will need to reinstall any disc authoring software (such as Nero) to use the drive for burning (and scanning, you'll need DiscSpeed for that).
BSMB is not the latest firmware. BSRB is the latest, but BSLB seems to be popular for those who primarily burn DVD+R (so that's what I'm using).
That said, if you don't have any problems with what you have now, you may not need to worry about upgrading.