My downloads are pretty fast. I havent had any issue with PSN so far.

Are you Wireless? The only time I had problems with download speed was when I was wireless with middling connectivity.  Has it always been slow?

Have you tried a speed test to your PS3 via the browser?  If it's possible, try running a wired connection and see if that speeds things up.

The firmware updates shouldn't take anywhere NEAR an hour...

All good here and I have reached my cap!

Probably your Nat Type sir. If your on wireless you should have Type 2, wired Type 1.

I can download about a 1gb file in under 15 mins, with my slow connection (almost 1.5mbs).

Btw, add me : PSN ID xmajinx99

You cant get an NAT type 1 with a router, wired or not. only when its direct off the modem. Plus I thought NAT type mainly controlled communication stuff like chats