Steve, note that firmware version and hardware version are two different things. Hardware version is the number printed on the circuit board. You cannot upgrade it unless if you buy a new one. Firmware refers to the software, which you can upgrade to the latest version no matter which hardware version you are running. Firmware version is listed on the homepage. The latest hardware is v1.4u, and the latest firmware is 1.8.2.
! means you have more than two stations scheduled to open at the same time. This is a features in firmware 1.5 and earlier. It's designed to prevent accidentally opening many stations simultaneously which will draw too much current. What you should do is to check your schedule and see if you have three or more stations scheduled in the same time slot. Alternatively, if you intend to open that many stations at the same time, you can change the Multi-Valve Check option in options: just increase that number to 3 or more.