Sony has announced that the PlayStation 3 firmware update v3.40 would be "available soon" and bringing with it a whole lot of new features and enhancements, and tonight at midnight they have kept their promise. Here are some confirmed details on the content of the update which include the benefits of PlayStation Plus for paying subscribers as well as many free updates for non-paying members.

PlayStation Plus (the following updates will be for paying members of PSN+ only):

The lauded premium PSN service, PS Plus, is now available. This purchased membership will grant members exclusive services and content including "50 percent discount on PSN titles, early access to betas, and one hour of demo time on select full titles (among other benefits)" according to engadget. A special set of features will enhance the online gaming experience. Existing PSN members may continue to enjoy all of the free services to which they've become accustomed including online gaming. PlayStation Plus subscribers will gain access to a constantly expanding suite of features and services that summarily create a more comprehensive online experience.

Free Updates:

Five Star Rating Support:

A new feature within the PS store, users have the ability to rate items on a scale ranging from one to five stars. These of course contribute to an overall score which can be used to determine the general consensus on a product's quality.

Photo Gallery:

A new photo sharing feature of the photo gallery integrates social networking sites like Facebook. Users can now upload photos to these sites from their PS3 as well as browse and comment on the friends photos.

Video Editor and Uploader:

Users can now upload videos from their PS3 to sites such as Youtube and Facebook. Videos can also be edited with this new tool. This new feature is on the XMB.

Power Save Settings:

The PS3 Auto Off default setting will be changed to two hours. In addition to improved power save features, new power saving options will also become available with the update.