R4i Gold V1.5 is very old version of the kernel. Now R4i Gold card use wood r4 kernel, and the latest version is wood r4i V1.32. You can update with below steps:
1. Download latest software from official website.
2. Unzip the patch, you can get some files.
3. Connect your TF card with computer through a USB reader, and format the TF card.
4. Copy all files to the root Directory of TF card.
5. You should also copy some game or media files to the TF card.
R4i Gold installation finished.
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The r4i gold card is much better than r4i ultra card. The r4i gold is most popular in the world. it can work on Ninendo 3DS, DSi V1.4.4 and DS console. the r4i gold firmware keep on update to support latest 3DS system update. But the r4i ultra card is a very old console. it is now out of production. And as lack of firmware update, it can only work on Nintendo DSi V1.4.1 and DS lite console.
yes you can but you need to download a software called r4i update
You don't need to reformat the r4i gold card. You just need to format the MicroSD card, and reinstall the r4i gold kernel and games. Nothing about the r4i gold card.
r4i gold and r4i sdhc card are most popular in players. both of them can support 3ds, dsi and ds lite. but personally, I think the r4i gold card has better compatibility.
The R4i Gold 3DS card from r4ids.cn has all functions of r4i gold v2.0. It support Nintendo 3DS, DSi and DS, including the latest 3DS V2.1.0-4 console. If you want to get a good flashcard, I think the r4i gold is better than r4i gold v2.0.