Logging in via winbox under the routerboard selection I see this:
Now I am running v5.23

What does Current version 2.27 mean?

What will upgrading to version 3.02 do for me?
If I click "Upgrade" will it do it automatically, or does the device have to be connected to the internet?
This is only a guess, but is it upgrading the 'Fail Safe' backup version that is stored onboard in case a version update completely locks us out?

Thanks for the help.

Click on upgrade, this is not the routeros version but the firmware thats run.
Keep that up to date if you can

Thanks plisken.

Where do I go to see if there IS ever a new firmware for the RB450G, and how do I install it if I find it?

The routerboard search after updates if it connect with internet
Just click on the upgrade button if the version is different.
Just like the picture you have posted

If you want to upgrade the routeros let me know

In left on the page you can see:
RouterBoot: 3.02 it is now latest for 450G
http://routerboard.com/RB450G

How to:
http://wiki.mikrotik.com/wiki/Manual:Bootloader_upgrade

Thanks for the reply honzam.

Regarding the How to on this link:
http://wiki.mikrotik.com/wiki/Manual:Bootloader_upgrade

It says:

This command shows the current RouterBOOT version of your device, and available upgrade which is either included in routerboard.npk package . . . .

Does that mean it is ALREADY in the router and I don't have to worry about being connected to the internet?
That's how I am reading that, I just want to make sure that my understanding is correct.

and;

. . . . , or if you uploaded a FWF file corresponding to device model:

Would that be simply dragging and dropping the *.fwf file into the "Files" section of Winbox?
I find that the instructions there to be not very detailed at all, and this is what I am assuming. Can you confirm that for me?

Thanks

its already updated , let the routerboard just seek from updates if the have found click then on update.
That's all.

This command shows the current RouterBOOT version of your device, and available upgrade which is either included in routerboard.npk package . . . .

Does that mean it is ALREADY in the router and I don't have to worry about being connected to the internet?
That's how I am reading that, I just want to make sure that my understanding is correct.

Yes, you can. In your case: run command
/system routerboard upgrade
and
/system reboot
your routerboot version will be upgraded to 3.02

and;

. . . . , or if you uploaded a FWF file corresponding to device model:

Would that be simply dragging and dropping the *.fwf file into the "Files" section of Winbox?

YES, you can manualy download file from website and using dragg and dropp

There you have changelog for routerboot
http://wiki.mikrotik.com/wiki/RouterBOOT_changelog

Ok, I found it on the http://tiktube.com/ website.
There was a video there from a MUM conference that explained that the "Firmware" comes with the OS version updates.

It also said that you have to do the OS version update FIRST.

After that, you can apply the Firmware update.

Maybe I am missing it, but the Manual / Wiki really should say things like that, and if it does I am not seeing it.

Thanks to all who helped me with this!