It's been quite a while since Sony has updated the firmware for the PSP and PS3. I'm just going to blatantly copy and paste what was written on the official PS Blog. There is no word on when the update will go live but it will likely either be this Wednesday or the next one if they're following tradition.

PS3 Firmware 2.50

• Support for the PS3 Official Bluetooth Headset - we’ve told you about the upcoming Bluetooth Headset and SOCOM: U.S. Navy SEALs Confrontation Bundle on the Blog. This latest firmware installment enables High-Quality (HQ) mode, which delivers clear and wide-band online voice chat. On top of that, an added on-screen indicator shows battery status, volume level and use of HQ mode.
• PlayStation Trophies interface enhancements - I know that many of you are busy collecting trophies and raising your PlayStation Trophy level. This update makes sharing and comparing your trophies with your friends even easier. On 1st part of the profile page you’ll see a symbol under level that represents level and the actual percentage towards the next level along with the existing level meter. The level symbol carries over to the trophy comparison screen where you will now be able to see your level, your friend’s level and the percentage towards the next level for both users along with all of the game by game comparison information you see today.
• Friend status – Offline friends on your Friends list will have information below their avatars that will indicate how long it has been since they were last online.
• Video – This update adds the Scene Search feature similar to the feature on the PSP. Activating this feature while viewing a video on the PS3 will break the video up into scenes that you can quickly access by pressing the X button. You can break the videos into one, two or five minute intervals. In addition, you can now choose to have all of the videos under the video section of the XMB play in sequence. Go to Settings then Video Settings to turn this option on.
• PlayStation Store – We’ve added a redeem codes option right on the store to make it easier to redeem your PlayStation Network Cards and promotion codes. In addition, PlayStation Network Sign Up and Account Management have been redesigned.
• Power Save Settings – You can now set your PS3 and wireless controllers to turn off automatically after set periods of inactivity. Go to Settings then Power Save Settings to turn on these features.
• Background Downloading - You now have the option to set the PS3 to turn off automatically after a background download or installation of content has completed. This option is available when you turn off the system from the button under [Users] while content is being downloaded or installed.
• In-game Screenshots - this tool will allow everyone to capture, share and in other words, immortalize their favorite gameplay moments. This will be supported on a game by game basis. Please check back to find out which games will support this feature.

Additional enhancements and features not listed are also promised. Info on these will be made available when the update goes live.

PSP Firmware 5.00
-PSP specific Playstation Store goes live. You'll now be able to download games, demos, videos, and other content from the store directly to the PSP using its own built-in Wifi. No longer do you need to connect it to a PC or PS3. If you already have a PSN account, the PSP store uses the same funds and account info that the PS3 store does.
-Sleep timer for music. Turns the PSP off after a set amount of time just like a clock radio.
-Full screen keyboard replaces the phone style dealy. Should make text entry easier.
-Redesigned XMB Background.

On the PS3 side, the update feels a bit underwhelming. Power save settings should be useful for those who tend to leave their PS3 on. There's nothing really new here though. I still don't know why screenshots are based on a game by game basis. In game screenshot support is already available since WipEout HD has it. It would certainly make life easier for amateur reviewers like me to be able to take screenshots in all games.

The PSP update is a little better since it includes some much needed enhancements, including the store and a proper QWERTY keyboard.

Source: Playstation.Blog