No, you can't play online games, because if you want so, then you're gonna have to update to 4.55.
No, you can't do updates for different games you have, unless if you are on 4.55.
No, you can't download backup games.
No, there is no CFW - no homebrews.
No, there is nothing for the moment, except for big speculations ! -nothing concrete'
I am on 4.05 and when I get back home, I'll update it to 4.55. Sorry for all the No 's', stay on a lower firmware and you must keep hoping, until someone JB the ps4