Need information SU BINARY UPDATES

Hi guys!
Before i could write some thing,i assure you that i know nothing about su and its updates.
Would anyone like to explain what Actually SU BINARY UPDATE means.
I tried to cover the related threads but unable to understand some of the ''term and abbreviations'' used by the members.
I hope,i would be guided up to my level of learning.
Device,i am using is Ivio DE88 plus with built in 3G.Android 2.2.2
After rooting it from ONECLICK software,i downloaded TOR ORBOT app, which once got the permission of SU but later SU itself downloaded its binary updates and was asking me to update it through my device.
Well,while i pressed the UPDATE tab on device,it started like this;
Downloading manifest.... okay
Parsing manifest ... okay
Latest version = 3.1.1
Checking installed version = 2.3.1-ef-
Fixing database . okay
Unpacking SuTools. okay
Checking current installed path/system/xbin/su
Downloading new binary - okay
gaining root access - fail

What problems i would be facing if su binary isn't updated now?
A sign like # is constantly shown in my notification bar,how to remove it until binary updates are not installed?
I don't want to mess with software as i am a layman at this.
your guidance will be highly appreciated.

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