Sometime before 1:50am EST the latest version (1.8) of the PS3 firmware became available for North American users. My initial impression of the DVD upconversion quality is included below. Full list of what was updated is also reported.
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DVD and game Upscaling up to 1080p, Blu-ray playback at 720p, memory card support, improved media functionality and friggin printer support! Now that's an update.