I have this card, not sure if it's 1st or 2nd gen, but i've never updated the firmware on it. What's the latest firmware and how to i install it? Will it erase any of the stuff on my card? and will it allow me to run Sonic Collection, Sonic racing and Pokemon SS?
As it is an R4 clone, it has nearly identical problems to the R4. In that respect, I'm nearly 100% that none of the listed games will work on this card without a patch. As for the firmware, see the site name on your card? Go there and there should be a section on the site to allow you to get firmware for your specific card.
They have several different firmwares on that site though, one for a card with a badge on it, one for a fire card, one for ones made after a certain time etc
Try the R4-i English v1.14b, the top firmware in the left box on the download page of r4i-sdhc.com. I assume that should work fine for your card.
The firmware probably was downloaded in a zip file, so first you need to extract it. Then all files must be put on the root of the MicroSD card. Done and done, should be fully functioning.