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The 3.30 update took maybe 5-10 minutes on an ethernet connected 30Mbs connection, so there's nothing wrong with the update size. Some of the major updates have been much larger.

It would be nice if SCE scheduled the updates a bit more regularly, rather than the random (to consumers; SCE undoubtedly has a schedule for firmware and feature updates/additions) method they've been using all this time.

As for the annoyance factor, firmware updates are less annoying than the game updates for individual games. They're much less frequent if you play a lot of different games.