Our friends over at SplitFish want buyers to know that not all of their products were affected by the latest PlayStation 3 3.50 firmware update. All currently supported and future SplitFish products are designed with future updates in mind and will continue to function without a problem. Only version 1 of its controller isn’t functional with the latest firmware update.
According to a source at SplitFish, they were aware that a possible update from Sony could interrupt the operation of the code and hardware in its original V1 controller. Once they discovered this possibility, SplitFish terminated the engineers from China that were responsible for the original code used in the version V1 controller. At this point, SplitFish undertook an aggressive development program to change the architecture in all the new FRAGFX products from the FRAGFXv2 and up - so that this was unlikely to happen again in the future.
According to SplitFish, all currently supported and future SplitFish FRAGFX Products are fully compatible with new Sony PlayStation3 Updates and will maintain their normal operation - This includes the FRAGFX V2/SE, FRAG Pro, EVO, FRAGFX SHARK, FRAGFX PIRANHA and FRAGFX BARRACUDA. (The FRAGFX SHARK also operates on MAC and PC as well as PS3, just in case you are keeping track.)
So only the V1 does not work with the new Sony firmware release, and since the V1 isn't in production any longer and since it is more than 2 years old, it is no longer supported by SplitFish. It sounds like the team at SplitFish have the situation under control and it should not be a problem in the future for them.