In general, new drivers are recommended, especially for newer hardware. As they mature, they typically stabilize and updates are rarely needed. Iobit now has a free driver updater (the official name is "Iobit Driver Booster"), which is handy to have, and can update drivers in your system efficiently.
http://www.iobit.com/driver-booster.php
 
As far as BIOS updates, this goes more back to your point of "if not broke, don't fix it." ASUS BIOS can be updated from AI Suite II, but ALWAYS save your current BIOS first, and going that route I also download the new BIOS manually, and use AI Suite II to "update BIOS from a file." Since your system is stable in other applications, updating BIOS is most likely unnecessary.
 
I notice that you have your system overclocked, and just for grins I overclocked mine the other day. It made the CPU run at more than double it's normal temp, and created a noticeable latency gain in the system due to the faults that temp increase was creating. The latency monitor software (http://www.resplendence.com/latencymon ) showed a pretty substantial degradation with this system even moderately overclocked.

Jinxy
Wish I could say W7 / x3 / NVidia drivers were ok.
 I wonder what the recommended GPU card is nowadays...I'm ready to toss mine.

I've used both ATI and nVidia cards over the last 18 years and I've very much favoured nVidia. I've only occasionally had trouble with drivers, but that was mostly while doing 3D animation, not audio stuff.
But since there isn't any information about that on this forum (and you got me curious) I started a thread on the Computers forum. Maybe we can find out...
http://forum.cakewalk.com...-m2928528.aspx#2928528

I just responded on the other thread but want to add to that point here... NVIDIA owns the architecture, they do not manufacture the cards... the variations between manufacturers can be extreme, so research is always needed.

Running Win 7 x64 with the latest NVIDIA Drivers here. All is well.