What happens when Atv2 software updates?

Legacy 2nd gen Apple TV
1

will everything be broken?  will I have to re-jailbreak?

 

is it necessary to install NitoTV in order to block updates?

 

2

Updates are automatically blocked as part of the SeasonPass jailbreak. You only have to re-jailbreak if you DO want to upgrade firmware.

3

If I want to update to the latest iOS, then how do I unblock it in my jailbroken ATV2?  The current iOS version is 4.3

4

Re-jailbreak your ATV with latest version of Seas0nPass and it will use the latest version of iOS.

5

In other words, the iOS does not need to be upgraded to 5.0.2 separately before jailbreaking.  Both can be  done while re-jailbreaking ATV2 using the latest Seas0npass.  Correct?  

My ATV2 has the aTV Flash 1.6,  should I just stay with iOS v4.3?  What are the pros and cons of upgrading iOS?