Found this on Sonys US Site:
Other new or revised features in version 1.92 (with 1.90):
[44.1/88.2/176.4 kHz] has been added as an option in [Audio CD Output Frequency] under [Music Settings].
[Type 2] has been added as an option in [Bitmapping] under [Music Settings].
[On] has been added as an option in [BD 1080p 24 Hz Output (HDMI)] under [BD/DVD Settings].
The [Image Quality Adjustment] option in the control panel has been changed to [AV Settings].
You can now play AVCHD-format video files that are saved on Memory Stick™ media or on the hard disk of a video camera.
You can now operate the (Slow (Back)) and (Frame Reverse) functions when playing video files saved on storage media or on the hard disk.
New for 1.92: Playability status with the PS3™ system has changed for some PlayStation®2 format titles. To check on the latest status, visit the search site for compatible titles (coming soon).
You can now adjust screen display settings while playing PlayStation® and PlayStation®2 format software.
You can now sort games that are saved on the hard disk.
[Add to Bookmarks] has been added as an option in the [File] menu of the Internet browser.
When an avatar is displayed during a voice / video chat, the avatar now moves in response to audio.
[Eject Disc] has been added in the options menu for discs.
You can now select [Group Content] when changing a file or folder icon.
You can update your system software by any of the following methods:
System Update »
Update using the PS3™ system's System Update feature.
Update using a PC »
Download update data using a PC and save on storage media* or a USB Mass Storage device. Copy the update data to the PS3™ system's hard disk and perform the update.
*An appropriate USB adaptor (not included) is required to use storage media with some models.
Update using disc media »
Update using update data that is included on a game disc.