Can I update?

My Apple TV Software is at 5.3 (6105) and my Flash (black) is at 2.4. Is this the newest of everything I can have on my Apple TV 2? Thanks!

Flash (black) 2.4 is latest
5.3 is the latest that has been jailbroken, you can update but you won’t be jailbroken

And thus will not be able to use Flash Black anymore, correct?

If you jailbreak you will lose the flash back. There is a link on their site to re-download it but you have to do that within a certain time period unless you purchased a lifetime update. You’ll have to contact firecore to work that out.