PSP v5.00 and PS3 v2.50 firmware

Yes the new new firmware updates for both PSP and Playstation 3 are now available, lets take a look at the features:

PSP v5.00
There is a now a Playstation Network icon in the XMB, just like on PS3. Now you can not only access your PSN account on the PSP, but you will also have your own store, with the funds linked to your account; no longer will PSP users have to use the PS3 or PC to get their downloads. A sleep timer for music, a full screen keyboard (as opposed to the current "texting" system), and new XMB background are also added.

PS3 v2.50
First off is the added support for the Official Bluetooth Headset, which will have exlusice features like on-screen notifications for battery life, volume level, and sound mode. The Trophies interface is also enhanced with more comparison data between friends. Speaking of friends, you'll now be able to see how long it's been since they were online. And with the release of PSN Cards, they've decided to put a "redeem" option right in the PS Store, making things much easier. Another simple, 'should've already been there' update is a sleep mode, so that the controllers/etc will shut off after periods of disuse. Lastly, there is a new screensho tool, however it will work on a game by game basis, much like the music option; we'll have the list as soon as it's revealed.

More details at Playstation.Blog