I ran the v3 on my card on my duo and it works fine. THis way I can keep the card in the slot, and can play cdrom games without removing the card. (use reset button on card).
But for the older cdrom sytem, I dont think the neo flash card comes with extra ram, so even if the newer v3 bios works, the games wont or will not load, or some memory problem, as it would be trying to use memory that does not exist.
There is two version of the arcarde card.
One has more memory then the other, since one version relies on the memory the duo already has.
It would be cool if the Neo flash card had extra memory on it, then all preople could run arcard games, or even run homebrew that relies on that memory.