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I had one of the original 500GB Time Capsules, and just yesterday, I got an alert from Software Update saying that an AEBS 5.5.1 update was out.

I did have my Time Capsule replaced last year under applecare as something went faulty, but Apple said it was a like for like replacement as they didn't make the 500gb models anymore..

Am i safe to install this update?!

Yes it is safe for you to update to version 5.5.1 of the Airport Utility. If your Time Capsule is a late 2009 model there will be an update for it, version 7.5.2. To update the Time Capsule or check for updates you need to open the Airport Utility. I have had no problems with either of the two updates and everything is working better then ever.
 
I had one of the original 500GB Time Capsules, and just yesterday, I got an alert from Software Update saying that an AEBS 5.5.1 update was out.

I did have my Time Capsule replaced last year under applecare as something went faulty, but Apple said it was a like for like replacement as they didn't make the 500gb models anymore..

Am i safe to install this update?!

5.5.1 is just a software update, its fine....7.5.2 is firmware update for the device.
 
I have a G2 Time Capsule 500GB and only can get 7.4.2. How can I get the latest firmware?
 
I think the new firmware was only for the newer dual channel models.

Not quite. I have a dual channel 1TB and didn't get the update.

Someone else mentioned late 2009, so it's probably for the models that came out after mine. I forget what was changed/added.
 
I have simultaneous dual band II (2TB)

But still using 7.5.1. Did software update, but nothing.

Is my time capsule the latest version?
 
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