Do I have the latest BIOS?

my motherboard is p4p800-e deluxe and my bios version is 1002.002 if there is a new bios what will the benefits for updating it be?

The newest bios version for that board is 1002. So you seem to have an updated bios. To find out if you have most current version of a bios just visit ASUS and look under downloads. When you click on 'more' it will tell you what has been updated in that bios version.