PlayStation 3 Update 3.4 Hits Today

Sony made available PlayStation 3's latest firmware update today. Version 3.4 is a hefty update with new functionality like PlayStation Plus and added Facebook compatibility.

The update adds the following features, as detailed at Sony's update page:

PlayStation Plus Compatibility
The PlayStation Plus premium service gives paying members free game downloads, access to special avatars and themes, and other bonuses. The 3.4 update makes your PS3 compatible with PS Plus. To actually become a PS Plus member, you'll need to purchase membership from the PlayStation Store. Members will see the PlayStation Plus icon, a yellow plus symbol, next to their avatar.
Photo Gallery Update

Your PS3 photo gallery will now have a "PlayStation Network Area." Use this to access your online Picassa and Facebook photo albums. You can also upload pictures directly to these services, create and edit albums, post comments on pictures, and share newly created albums with your PlayStation Network friends. To delete comments, you'll have to access the web versions of Facebook and Picassa directly.
Video Edit and Upload

The video section of your XMB will now have access to an option for editing and uploading videos from your hard disc to Facebook and Youtube. Edit functionality lets you ad subtitles and cut out scenes. The functionality will only work for videos that were saved to your PS3 following the 3.4 update. Expectedly, it will not work on copy protected videos.
Settings

The settings section of your XMB will now include options for "Deep Color Output (HDMI)" and, for PS Plus members, auto download. The base time for automatic power off will be changed to 2 hours.

Photo
The photo section of the XMB will now let you print and delete pictures.
Friend
When selecting a friend, the friend's trophy level will be displayed.
PS Store Ratings
You'll be able to rate product on the PlayStation Store with a five star rating system.
Time bug fix
The update fixes a leap year bug with the PS3's clock.