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Sony has added a bunch of new features and some improvements on current PSP and PS3 features with its latest firmware update that is now available

Here are some details for firmware v5.00 for the PSP (some require a WiFi connectionn):

• Add a PlayStation Network icon on the XMB, thus allowing users to sign up and manage their account,
• Access the PlayStation Store, download free demos, and more directly from the PSP via Wi-Fi.
• Firmware v5.00 also adds a sleep timer option to be used while you are playing music on your PSP and a full screen keyboard option for text entry.
• The Playstation Network has been added as a listed category
• The Playstation Store is now available under Playstation Network
• Video-Out now supports interlacing, aka non-HDTVs
• Format software now supports full-screen output on any connected device
• Sleep timer is now available for Music
• There's a new, redesigned theme
• Auto-charging via USB whenever the device is connected to a computer

Now on to the details for firmware version 2.5 for the PS3:

• Support for the PS3 Official Bluetooth Headset - This latest firmware installment enables High-Quality (HQ) mode, which delivers clear and wide-band online voice chat. On top of that, an added on-screen indicator shows battery status, volume level and use of HQ mode.
• PlayStation Trophies interface enhancements - This update makes sharing and comparing your trophies with your friends even easier.
• Friend status - Offline friends on your Friends list will have information below their avatars that will indicate how long it has been since they were last online.
• Video - This update adds the Scene Search feature similar to the feature on the PSP.   In addition, you can now choose to have all of the videos under the video section of the XMB play in sequence. Go to Settings then Video Settings to turn this option on.
• PlayStation Store - Redeem codes are right on the store to make it easier to redeem your PlayStation Network Cards and promotion codes. 
•  Power Save Settings - You can now set your PS3 and wireless controllers to turn off automatically after set periods of inactivity. Go to Settings then Power Save Settings to turn on these features.
• Background Downloading - You now have the option to set the PS3 to turn off automatically after a background download or installation of content has completed (at long friggin' last). This option is available when you turn off the system from the button under [Users] while content is being downloaded or installed.
• In-game Screenshots - this tool will allow everyone to capture, share and in other words, immortalize their favorite gameplay moments. This will be supported on a game by game basis. Please check back to find out which games will support this feature.