This took me a bit longer than I expected mainly because the release notes were not clear. Like the title suggests there are two types of upgrades you can do to this device, the firware and the boot file. If you’re going to the latest version released by Cisco which at the time of this post is 1.4.x, you want to start with the boot file and upgrade that to 1.3.x using a TFTP server. After that you’ll want to upgrade the firmware to 1.3.x. After that you’ll be able to upgrade to 1.4.x.
One other thing to note, when reseting the device to factory defaults I could never login to 192.168.1.254 on port 1, I had to move my laptop to port 9 in order to get to the web UI.