Sony has released an update to the Playstation 3 system software, taking it to version 4.31.
This is what is included in the update:
This is not a mandatory update. However, we suggest you keep your systems updated with the latest firmware, as these updates further improve overall system stability and help provide you with the best online entertainment experience possible.
Remember that some games and applications force you to have the new update before you can play them so make sure you update now instead of having to sit around and wait when you really want to use it!