Building on Sony's new high-definition stereoscopic 3D gaming for the ultimate 3D PlayStation 3 gaming experience, the PS3 Firmware 3.40 System Update adds PlayStation Plus compatibility, enhancements to the connection between PlayStation Network and Facebook accounts, updates to the PS3 Photo Gallery, Video Editor and Uploader and Five Star Rating Support and Power Save Settings as detailed HERE.
Finally, those holding out in hopes for PS3 Custom Firmware or PS3 homebrew it is recommended you do not update so that OtherOS functionality remains intact on your PlayStation 3 entertainment system.
PS3 Firmware 3.40 Update Changelog:
• You can now edit and upload video content.
• You can edit video content that is saved on this system and upload the video to a video sharing website to share it with your friends. To use this feature, go to [Video] > [Video Editor & Uploader].
• You can now share your favorite photos with friends, using a photo sharing website. To use this feature, go to [Photo] > [Photo Gallery].
Stay tuned for more PS3 Hacks and PS3 CFW news, follow us on Twitter and be sure to drop by the PS3 Hacks and PS3 Custom Firmware Forums for the latest PlayStation 3 scene updates and homebrew releases!
My PS3 is staying on 1.10 so I won't be grabbing this, but if anyone does it would be great if you could post some details on the new Video Edit and Uploader which is apparently a separate 44MB (.PKG File?) application.
According to Examiner.com (http://www.examiner.com/examiner/x-12218-Video-Game-Examiner~y2010m6d28-Firmware-340-video-uploader-limitations-revealed), with it you cannot use video copied to the system before the 3.40 update nor can you use copyrighted videos.