It's been a very long time coming but Sony have finally gotten around to updating the web browser and, using it for a few minutes, I can confirm that it's definitely better. I couldn't tell you how well it will work over a greater period of time, but the reaction seems to that people are impressed by the changes made. It looks, and feels, better than the old browser any way, although a slight stuttering as you move down a page will hopefully be fixed sooner rather than later.
Of course, the big change is that the PlayStation Network is now called the Sony Entertainment Network. Except it's not a big change and you're unlikely to really notice. Other than in the notes for the patch, I haven't seen it on the console itself although, I'll be honest, I haven't really gone out of my way to search for it.
And finally, you can now set your PlayStation to set the time automatically whenever you log into the network. The patch is available to download right now and you'll be prompted to do so when you next turn your PS3 on.