Off the top of my head, there shouldn't be any reason for it not to work. RE: is it worth it, check for a changelog for 3.03. Should tell you what has been changed and what the new features are. It's been a while since I've had to play with FlashBIOS but I understand there are a number of new features. Also be aware that 3.03 does not work on Xbox v1.6, if that's what you've got you should use FlashBIOS 3.01.
-Whoopin'