Better music management.

More formats playable.

Internet radios/Last.fm client. That would make my day.

Better Music Player (Search option for Songs, ability to Tweak bass, Treble etc) , Better Profile (As smooth as PS Store and More info), Cross Game invites, chat. Voice Messaging, Better Browser.

There are only 2 features I want at all, the rest means absolutely nothing to me until I get them.

Cross-Game Invites, Private Chat while in games

KGB your post is just full of win. I agree with most of that list.

And Sheeuk... now that I think of it, I hadn't even thought about skype on the PS3. It's almost completely feasible too @_@ Imagine in-game skype ability. Screw cross-game chat, it would be cross everything chat... absolutely insane idea. I could talk to my friends playing wow, or friends on they're psp's... dial people on a lan line.... dun dun dun~

I'd like the custom soundtrack option to all be done via the XMB. I think that would be bitchen.

I guess cross game invites would be cool... I mean it's not a feature I really think about much (I kinda have to put the game in anyway to play it :x), but I think it could be neat?

Add party's and game launching to home :D

And yeah, what D21 said, I'd love to be able to randomize my themes xD

i would love to be able to organize my friends list so i can keep my irl friends seperate from my vgchartz friends seperate from my "i just met you playing lbp" friends.

Some improvement to the playback quality of some PlayStation 3 and PlayStation format software.

At least I ain't gonna be disappointed. 

you can.. with resistasnce retribution :P i agree they should make this work globally though.

I think for people who doesn't have it ps2 emulation would be good.

I also want your level to affect home. IE you are level 10. You can fly now ! you've unlucked a bunch of things and skills :P that would be awesome. I doubt they'll ever do it though.. unfortunately.

oh yeah.. and x clicking on a friend in xmb and pressing "Join game" would be awesome :p (if it joined the persons online game ofcourse.. if it didn't do anything it would ruin the point)

I would like the upscaling for every game however. That I will agree with as well. We have a 1080 set dammit ^^

Why are we talking Update 3.0? We are only at 2.63, there is bound to be at least 6 or 7 more updates before 3.0.