Yes, there is :-)
You can download Update Service Application from Sony Ericsson's website.
Usually newer firmwares will introduce bug-fixes and sometimes, if you're lucky, new features. It's certainly worth trying, but be sure to make a back-up of your phone's contacts/calendar/settings before you do (you can do this with the Sony Ericsson PC Suite). After updating your firmware, the phone will be reset to its original settings. You may also need to re-install any apps you have.