After the modification is complete, the card is recognized just like a standard FastTrak card. You can then upgrade to any newer version of the bios and drivers, at least so far. No, OuterSquare, you won't have to unsolder anything.
Be sure to follow the Promise instructions on upgrading to the latest bios. You must update the drivers before updating the bios. That seems a bit picky, but that's the way it goes. I'm using the latest bios and drivers with no problems. Good luck.