Sony greeted its PS3 fans with a shiny new update this morning. Version 1.50 fixes backward compatibility issues with PS1 and PS2 games. Specifically, it'll allow them to run in progressive scan mode. Other than that, it's hard to tell what else has been fixed since there's no update log. Anyone notice any changes after installing the new update?
Latest PS3 Firmware Hits, Fixes BC Graphical Issues [Kotaku]
DISCUSSION
I still haven't downloaded the update yet, but I have had no problems playing PS1 or PS2 games on my PS3 and they've looked fine in "glorious 480i" on my old Magnavox. (Much better than the XBOX games that failed to run at all on the 360.)