I bought an off-brand Nano, and found that I had to choose the "old bootloader" option before I could upload my sketches. Seeing as how I have multiple types of boards (UNO, Mega2560, Nano), changing IDE settings becomes more complicated. So, I followed this tutorial to update the bootloader.
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I found an error on the wiring diagram. Whereas the connection table shows the programmer board pin 10 connects to the target board reset, in the wiring diagram, that connection is backwards. I had used the diagram to wire up, so was getting errors. Once I fixed that issue, I was able to upload the bootloader.
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Other than not having to choose "old bootloader" to upload, what are other benefits to updating the bootloader?