I've never updated FW myself before and I'm on Quantum 1.01 now and want 1.02...
what does "*Note: Existing presets using these amp models should be reset by deselecting and reselecting the desired amp model." mean?
Will downloading the new update not automatically make everything right or do I need to go back in after the update and make changes?
For each preset you use that has an updated amp model (for example, if bassman is one of the amps that has been updated), just go in to the preset, select the amp block, select a different amp from the list, then go in again and re-select bassman. That will "reset" the amp for that preset (and any others that may use it).
You do need to go back in and update, but it's not a big deal unless you have lots of presets that use the same amp.