3.40 Firmware Update for the PS3 is now live

Sony has released firmware update 3.40 via the PlayStation Network, so the next time you connect you connect your PS3 to the internet you will be notified to download and install the update.

Let’s run down with some of the new features and everything there is to know about the new firmware(3.40):

PlayStation Plus: The new premium paid subscription has officially launched and more info regarding details about PlayStation Plus can be read in our Playstation Plus features post here.

Photo Gallery: A new network based photo sharing feature is now available on the Photo Gallery. The enhancement allows you to upload, browse and comment on photos on Facebook and Picasa Web Album. You can also opt to share your photos between your PlayStation Network friends as well as print photos from Photo Gallery.

Video Editor & Uploader: Video Editor and Uploader is a new function found on the XrossMediaBar (XMB), which enables you to edit, save and upload video files stored on the PS3 system to sites such as Facebook or YouTube.
Five Star Rating Support: Users can rate the PlayStation Store content they have purchased with one to five star ratings.
Power Save Settings: The default setting for PS3 System Auto-Off will be set at 2 hours, providing you with additional power save options and further improving power save features on the PS3 system.

via Playstation blog