What is the point in updating the bios on mobos?
Dont they all have the same options for overclocking no matter what version it is?
You need to flash the bios like when new processors come out like say the motherboard supports 65nm you can a new bios update and flash it so the motherboard can support 45nm.
That's right. In some cases, motherboards will ship with a BIOS that does not support the latest technology, although, at this point, any socket 775 mobo that claims 45nm support should have a BIOS that will support that chip. This wasn't the case when Penryn, Wolfdale, and Yorkfield first hit the streets though. Many boards shipped with BIOS support for 65nm only, and required a flash for 45nm chips.
Sometimes an updated BIOS will improve overclocking, resolve PCI issues, primarily SLI and Crossfire setups, and some fix memory compatibility problems. If your system is running fine, you probably don't need to update, although I believe it's always best to run the latest revision.
The fussy part about updating these boards is the need to have some old technology laying around. It needs a floppy disk drive and DOS, something a lot of people wouldn't have laying around.
Yeah, that's still the best way, although many modern boards allow you to use a USB flash drive, and even update within Windows. Flashing within Windows is a bit tricky, though, and I don't trust it. I've had a few failed attempts with my X38 board - it almost bricked my mobo (fortunately it has a dual BIOS and was able to recover from it).