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probably depends what version was on it when you got the thing.
I upgraded to 2.10 from what ever was before that - 2.0.1 or 2.0.2 I think, And it probably took about 15mins total, but if your PS3 came with 1.9 or something then it'd probably take a bit longer.
As for gaming, I'd just try playing something and see - AFAIK, games don't actually need a lot of bandwidth, just decent latency (the time it takes to send/receive small packages from the server)
Your broadband isn't 54Mbps - that's just the network in your house.
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