http://blog.us.playstation.com/2010/06/28/playstation-3-system-software-update-v3-40-available-soon-2/

Additionally, we’ll be launching system software update (v6.30) for the PSP (PlayStation Portable) system simultaneously with PS3 system software update (v3.40), adding PlayStation Plus compatibility as well as other new features.

We’ve gone ahead and provided a few highlights from PS3 firmware update (v3.40) below:

• PlayStation Plus: PlayStation Network users will be able to purchase membership to PlayStation Plus; a new subscription service on the PlayStation Network that provides you with new options to expand and enhance your gaming experience and enable you to gain an exclusive set of features and content. Friendly reminder, all of you PlayStation Network users will continue to have free access to PlayStation Network’s unmatched and expanding suite of new and exclusive features while PlayStation Plus subscribers will gain access to an exclusive and expanding set of gaming features, content and functionality.

• Photo Gallery: A new network based photo sharing feature is now available on the Photo Gallery. The enhancement allows you to upload, browse and comment on photos from Photo Gallery.

• Video Editor & Uploader: Video Editor and Uploader is a new function found on the XrossMediaBar (XMB), which enables you to edit, save and upload video files stored on the PS3 system to sites such as Facebook or Youtube.

• Five Star Rating Support: Users can rate the PlayStation Store content they have purchased with one to five star ratings.

• Power Save Settings: The default setting for PS3 System Auto-Off will be set at 2 hours, providing you with additional power save options and further improving power save features on the PS3 system.

In addition to the latest features introduced in PS3 system software update (v3.40), a separate, new PlayStation Network application on Facebook.com will be made available. This builds upon what was previously launched with Trophies and the ability to publish purchases from the PlayStation Store. Now you can further integrate your PlayStation Network and Facebook accounts with this new application. The application allows you to display your PlayStation Network profile on your Facebook account, find out which of your Facebook friends have a PSN account and send them a PlayStation Network friend request, view your PSN friends’ online status and add the PlayStation Network application tab to your Facebook user profile.

Between this statement:

"We’re very excited to be able to provide you with continued system software upgrades, which ensure your PS3 and PSP systems remain compelling offerings for years to come."

And the fact that most of these new OS features are free, rather than a part of PlayStation Plus, is a good sign for the future of PSN.  Now make the right choice and make Cross Game Voice Chat free, Sony!

Also, here's some PlayStation Plus related photos:

The 5star rating thing sounds interesting but that's kinda it for me.

$50 = how many £££?

from http://blog.eu.playstation.com/2010/06/23/playstation-plus-explained/

Sweet! Glad to see a feature packed update :D 

Not a bad update at all...wonder what it does for the psp other than psn stuff

Mod edited because I couldn't figure out who Eric was.

thats a good update,love the new facebook features

Five Star Rating Support: Users can rate the PlayStation Store content they have purchased with one to five star ratings.

Its a small change but god i'm soo glad they added that.