The 1.42 version for the Cobalt 1 was mostly a maintenance update, with "under the hood" changes to make things more efficient, more in line with the Cobalt 2, and some diagnostic features added. The biggest change was that in the dive log, the NDT time stored with each segment is now the lowest value reached during the segment, not the last value. If you have the immediately prior version it's probably not a big deal, but if you are running an older firmware version it's always a good idea to update.
We are testing a new version now that will have some significant changes, both to the interface and to internal functioning. That one will be highly recommended. I'm not sure when it will get through the testing process.
Ron