v1.03 is the most recent release version of the software. However I suggest trying the 2.0 beta out. It's leaps and bounds above 1.03 and addresses many usability issues (and some bugs.) It does add some bugs of its own but most people are running it with few problems.

Upgrade to 2.0 here.

Your 2nd question is addressed (at least partially) here.

And as a new Empeg owner (welcome!) head over to the FAQ at riocar.org