Question If I download the latest system BIOS, will it contain ALL the features from all the previous versions?

Normally it will not be removed the features. Updating BIOS is generally about fixing BUGs and updating features. Upgrading BIOS is risky. Please be careful. If it is dual bios, it will be safe more.
 
It should include any features listed as being in previous versions unless they note that something was removed.
BUT, I would check the MSI support forums and make sure the newer versions didn't add bugs that weren't present in version 7B50v13 or 7B50v14.
Sometimes newer BIOS versions are buggier than older versions.

On my Asus MB, there are 2 newer BIOS versions available but they have both been noted to cause cold boot and RAM OC problems.
So I won't update until they release a new BIOS that adds features I really need and doesn't have those issues.
 
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BIOS updates are cumulate. If something is removed the changelog will state exactly that. Changelogs aren't anything new.

Now... Have to these joker's with a grain of salt as far as BIOS update dangers. As long as you can follow simple instructions and aren't high on acid, an official BIOS is highly unlikely to put you in a bad mod. There are people with 7-10 year old boards that flash their BIOS 30 times and steal blocks of code from any BIOS they can get ahold of for the sake of perfection. Worst case scenario is that you'll kill your BIOS chip and need to buy a $10 replacement from eBay.