Its equivalent to BIOS upgrade in PC-machines. With PC's you usually decide when and if to do it but with Macs its something Apple makes the decision for you, usually. With cMP's one can do it manually and intentionally but with others its pretty much done automatically and often unexpected.And thanks for the heads-up about firmware upgrading, still early in my Mac knowledge!
Why its so heart stopping moment to hear the loud horn sound? Because usually you hear that foghorn when something is broken and the computer does not pass the start up tests. Like when RAM or RAM slots are broken you might hear one beep repeating or several beeps depending on the issue.