I'm on 3.41. I'm using a teensy 2.0 with Hermes 4b 3.55 spoof and Open manager. Been stable as hell, never had any problems with any game on this setup. Just didn't want to learn about installing lv2 patches and hitting select x and what not with multiman. Sure I have to do the power eject thing but then, smooth sailing all the way.
Might have to update now though with the ps1 backup only working on 3.55....damn