For those of you out of the loop, a list of features in the new update:

Sony officially reveals PS3 firmware 2.40 features, coming July 2 - Joystiq

Perhaps the most notable new features is the achievement trophies system, effectively bringing the e-penis wagging of Xbox Live over to the PlayStation Network. How fun.

I haven't downloaded it yet because I'm f-ing tired right now and I need to go to bed.