Lumia 735 software vs firmware: Clarification needed

[Kupuna]

I own a Lumia 735 because I'm in a location where Verizon is the only provider with signal strength and they only offer the 735. I have aggressively loaded the Insider downloads (both phone and PC). The DL's have worked well, with the exception of known glitches and I am up to date.
My confusion stems from the talk of new or forthcoming firmware. What features might be changed by a firmware download (I realize some of the answer is guesswork)? Will Verizon be the only source of a firmware change? I'm reasonably happy with the feature set on my current phone and I'm anticipating the Redstone upgrade. Will firmware changes do something wonderful, if and when they appear?rly:

 

[TimTimmyTimothy]

Lumia 735 does have LED notification support but it's not supported by the OS yet. An exclusive firmware update can enable it (Probably it won't be enabled anytime soon)
Camera app doesn't support the second microphone to record audio in the video recording on Windows 10 Mobile Insider. An exclusive firmware update will fix it (Probably with the stable W10M upgrade)

 

[Kupuna]

Hey, thanks for the reply. I think my basic problem is that I don't know how to distinguish between the frequent downloaded upgrades, and a "firmware" change that might tap a feature in the hardware. Is it like the difference (on a PC) between downloading a Win10 upgrade and flashing the BIOS? Maybe I'm just hung up on the difference between software and hardware "upgrades" on W10M. At any rate, I'm a little better informed now.

 

[TimTimmyTimothy]

Firmware update is specific model oriented. Updating the BIOS / updating the drivers on a PC is similar to the firmware update on Lumias