Did what Horizon advised and it worked a treat.
This is the procedure I had followed. If you are going to follow this, I take no responsibility. If you have concerns please confirm with Horizon before attempting.
1) Remove all versions of the Losi software from the PC
2) Install version 1 of the PC software
3) Connect the ESC and reset to default settings
4) Apply firmware update v25
5) Apply firmware update v28
6) Uninstall from the start menu under START / Programs / Losi / Uninstall
7) Install V2 (filename = SetupV2.exe on the site)
8) Apply the new firmware file (filename D010128N.lsc)
I then setup profile 4 and 5 with differing throttle limits, Lipo LVC's and importantly REVERSE!!!.
I then tested both profiles, but I have yet to check the Advanced Quick Programming Card facility.
Overall I am happy. Have to say a big thanks to Glenn @ Horizon in the UK for the instructions.