Someone said they used Sprint firmware to revert to an old baseband, but I'm fairly certain it's a messy and scary process.
There have been a few users saying that Virgin pulled the update due to some problems it was causing, borking 3G and the like. However, we, as users have not been informed of this via any sort of communication from Virgin, which we would have been, and it seems just as likely that the update is not available from them anymore because the phone isn't either.
So, basically, the update is totally YMMV. If your signal strength is good, I wouldn't bother. The only other reason to flash it is some users are reporting improved performance on the ICS ROMs after the update, but this has not been researched at all.
As far as the process, it's actually really simple. There's just a lot of steps. If you decide to do it and need some help, feel free to let us know.