Yep, thats the beast. Far easier than using the dongle and you can attach to the ISO you downloaded directly without having to write to disk and stick a portable USB drive in to the front.
For the firmware upgrades, download the latest smartstart disk which is a bootable image. If you attach to this image it will start walking you through the upgrade process. This will check everything on the blade for you and let you upgrade the lot at once. Very straight forward...