With the 120 GB PS3 slim on the store shelves, it's just in time for the new firmware update. There are plenty of new features and fixes in this update and Sony is claiming that this will be the last major update for the console this year. 

Various elements of the XMB™ (XrossMediaBar) screen have been redesigned for better viewing and easier use.

You can now access the latest information about PlayStation® related topics more easily from the XMB™ screen. Connect your system to the Internet, and then select [PlayStation®Network] > [What's New].

You can now access the latest content in PlayStation®Store directly under the [Game] and [Video] categories. Select [Game] > [PlayStation®Store] or [Video] > [PlayStation®Store].

Audio can now be output to multiple connectors simultaneously. You can set this option under [Settings] > [Sound Settings] > [Audio Multi-Output].

During video content playback, you can now use the right stick to play content in slow playback, fast reverse, or fast forward.

Just some of the newest features found in V3.00. With the Playstation 3 Slim launching in stores you'll be able to take advantage of everything you see.

Source