The official line from Sony is the following that has been added in this update to the PS3 see below:
TV/Video Services has been added as a category to the XMB™ (XrossMediaBar) Menu
You can use video streaming services under TV/Video Services on the XMB Menu. Some services require that you download and install an application.
Note:
The icons that are displayed may vary depending on the country or region of use and the availability of services.
For some video streaming services, the icon for the service might appear under the TV/Video Services category instead of the Video category.
The TV/Video Services category is not displayed in the XMB Menu when none of the services in this category are used.
For information about displayed services to be updated, your PS3 system must be connected to the Internet.
Saved Data Auto-Upload
You can store new and recently updated saved data for PlayStation 3 format software in Online Storage automatically on a regular basis. This feature is exclusive to PlayStation Plus members.
Other new or revised features in version 3.70
Photo
MPO (Multi-Picture format) files for 3D photos and multi-angle photos can now be displayed under Photo and in [Photo Gallery].
PlayStation Network
A feature has been added for sharing information about products in PlayStation Store with your Friends. By selecting [Recommend] on the detail page for a product, you can send a message introducing the product to your Friends.
Video
3D playback* of Blu-ray Java™ ("BD-J") content is now supported. You can now enjoy BD-J content recorded on Blu-ray 3D™ discs.
DTS-HD audio output is now supported while playing Blu-ray 3D™ content*.
* A stereoscopic 3D compatible television that complies with the 3D standard and a high-speed HDMI cable are required to watch 3D content. Some content might not play in 3D or might not play at all.
"Blu-ray 3D" is a trademark of the Blu-ray Disc Association.
Settings
Trophy information can now be synchronized with the server automatically on a regular basis. This feature is exclusive to PlayStation Plus members.