The firmware version is printed on the back of the memory card itself.
Latest firmware version is v091.004 released on June 2nd, 2012.
As of 15/07/2011, the most recent firmware version is 2.014.
In older firmware version this would normally take more than 1 minute.
So, today, I discovered that there is another method for finding out your firmware version.
The newer firmware versions are similar to those of the Nokia 6288.
And in some cases this depends upon which firmware version was running.
These durations are expected to be higher for the final firmware version.
It does currently work on all firmware versions up to and including 1.02.
However, improved overall performance can be observed since firmware version 30.