Firmware 1.20 has been spotted in the Dingoonity forums.
According to two posters, lak and onion, it fixes the Y/B problem. It also comes with 9 languages.
The 1.20 firmware cannot be downloaded from the official Dingoo site yet, but hopefully it will soon.
Update: Here is the firmware link http://www.megaupload.com/?d=F6TJRG2F