Can one just update the latest version, say v3.5 from v2.0, to get all the fixes and updates, or should one start with v2.1 and go upto v3.5 incrementaly? Considering Award Bios.

AFAIK they are always cumulative. Anyway bios chips are only like 4$ anyway - I like to keep a few in the shop for just this reason. I had a bad problem updating the bios on a MSI mobo & was saved by having an extra chip to pop in.

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MSI 875P NEO-LSR Mainboard - Intel P4C 3.0Ghz (800Mhz FSB) - 2 x OCZ PC4000 512MB DIMMs - 4 x WD800JB 80GB/8MB Cache (RAID 0+1) - SB Audigy Platinum eX - ATi Radeon 9800 Pro AIW - Sony Trinitron 19" - Windows Server 2003 Enterprise

It occured to me as I was updating that the bios erases the old one. So it would have to include all the information in the update. Sometimes, I guess it might be good to think about stuff a little bit, and the answer may come.