You typically can downgrade easily. I believe there are some few gotchas if you want to install some really old one, but pragmatically, it's no problem. (Search for davidfor's posts about downgrading.)
It's also easy to re-install the same firmware, in case you want to remove any patches you installed.
My perception is that as long as you stay within reason (fairly new firmwares, patches and apps other people use) Kobo is extremely durable and easily fixed in case something happens or you want to revert changes.
And maybe best of all, if something do happen, there are plenty of people here that are both very knowledgeable _and_ willing to help.
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