The retail counterpart is rumored to be released during mid to late June, however, recently we had a chance to check out PS3 Debug/TEST Firmware v2.40 (116 MB - 122,268,311 bytes).
Below is a video of it in action, displaying some of the new features. As expected, we can confirm from 2.40 onwards, the system software can be called any time during the gameplay. It appears the in-game XMB does not work while playing PS2 titles, probably the same with PS1 titles as well although we didn't have a PS1 game handy to try.
The video is slightly better quality than the previous PS3 TEST SD Launcher 1.00 Video as video capture was used this time instead of our old camera... as there is no need to view the TEST PS3 in the video this round.