It looks like the 4.85 landscape is starting to take shape now as developer's around the scene have been updated the homebrew, utilities and tools that require updates (not all things require updates) and now the PS3Xploit Team released one of the missing pieces. The Flash Writer for 4.85 HFW has now arose and now...
4.85 Flash Writer Released (CFW PS3 Models Only) - Now go from 4.85 OFW to 4.85 HFW to a 4.85 CFW