I just got the 1.5TB Seagate

[Whipsmack]

What steps do I need to take to make sure i've got the updated firmware? And after that, do I need to format the drive before I use it?

Thanks

[Nenu]

Goto the mfr website and check for firmware releases.
Always format unless you want trouble later.
Formats decay over time so you want it as fresh as possible.

[DrRetina]

Just got one today as well.. Chatted with support and they emailed me a new Firmware file about an hour later.

[DrRetina]

Formats decay over time

Wtf .. LOL

[Nenu]

Data is stored magnetically.
The magnetic field strength drops over time and is accelerated the hotter the drive is.
Its safest to Format the drive so the Formats data on the disk surface is refreshed, as thats the last time the Formats data will be refreshed until the drive is reformatted or a tool is used to recover the drive.

[Dende]

The "decay" is on the whole drive and fomating does indeed "refresh" the drive so to speak. It is very much healthy for the drive. Some drives may have been setting in a room somewhere for months so why not refresh the magnetics on the drive before using :)