I usually pull a DSET (available from support.dell.com/tools) before the updates, and then again after the updates. This generates a report of all drivers, firmwares and bios versions (and more) from the PowerEdge.
I have a PE2950 that I just created a bootable ISO for firmware updates. I used the new Dell Repository Manager to download Linux bundle PE2950 v430, and burn a deployment package to ISO. As the updates were installing, nothing showed on the screen saying anything about what was happening. There was just a series of dots going across the screen, as a basic activity indicator.  For example: PERC 5/i Currently Installed: v5.2 1/6/2010 Update Available:   v6.1 7/4/2011  Is it possible to see such a list of what is/was present, and what was installed? 
Bootable ISO, what was installed?