Just updated firmware v2.07 to my N5 (orig. v2.05).
I used the oldest USB stick in my home with only 128MB FAT32. Before update projector told it should take 15 min, actual time was about 10 min. Update was smooth and successful.
It took couple of minutes more time compared to normal startup to get D-ILA screen visible after first restart. I didn't do any factory reset (yet), I'll check first if everything works OK.
7.1.4 Dolby Atmos system: Denon AVR-X4500H, Sony DA2400ES(for back Atmos speakers), 2xMonitor Audio Silver RS6, 2xRS1, 2xRadius 90, Radius 225, 4xDali Alteco C-1, BK XLS200, JVC N5BE with Ruipro 10m fibre HDMI cable, Grandview Fixed 4K Edge 100" (1.0), Panasonic DP-UB824, Sony BDP-S790, Topfield cable FHD box, old Sony FHD 46" TV, Denon DP-450USB, Logitech Harmony Hub + Samsung Galaxy S4 TAB, Asus RT-AC68U router