Security
- System software stability during use of some features has been improved.
Security

Over at the PlayStation.Blog, Eric Lempel has announced that PSP Firmware v5.03 is now available to download. The minor update "improves system software stability during use of some features." Other than that, there is nothing different in the new firmare update. However, it could also patch the recently discovered GripShift exploit so if you are using homebrew, you may want to hold off on upgrading your PSP for the time being.
The official changelog for the update states "a security patch was added to address security vulnerabilities in the system software."
This is a really stupid thing to do but it it happens by accident, your PSP will most likely be useless. Since the update is flashing files to your PSP, any interruption will halt this process and mean that all the files could not be copied. If crucial files were not copied, then the PSP will no longer function unless you can flash the PSP using a modchip.
You can update the firmware/system software in two main ways: using Wired/Wireless Internet or using an external storage media. If you have internet configured, the PS3 can download and install the update for you. If the PS3 is not connected to the internet, a USB device can be used to install the update.
If you use a USB device, the “PS3UPDAT.PUP” file should be stored in the folder “/PS3/UPDATE”, i.e. there should be a folder called “PS3” on the root of the device. Within the PS3 folder, there should be another folder called “UPDATE” which should contain the “PS3UPDAT.PUP” file.
Warning: Do not switch off your PS3 or remove the external storage media during an update. Doing so may damage the system software, rendering your PS3 useless. You should use the Recovery Menu if your PS3 fails to start correctly.

PlayStation 3 Firmware v2.53 is now available to download using the Network Update feature on the console. You will be prompted to update your system (if you haven’t already done so) when you boot up your PS3. The new system software version improves the Flash Player in the [Internet Browser] to support full screen viewing and also adds Live movie playability (using RTMP format). What does this mean? You can now enjoy YouTube and BBC iPlayer videos in full screen on your HD (or SD) TV.
The new update brings the PlayStation 3 slightly closer to becoming the ultimate multimedia device. Of course, there are still plenty of features Sony can add, such as better video format support, subtitle support (.srt files) and the PlayStation Video Store for other regions (currently only available in the US).
General

After yesterdays PlayStation Network downtime, Firmware 2.50 for the PlayStation 3 is now available to download. Amount the new features we noted in our previous article, including in-game screenshot support and improved trophy interface, a few new features have also been released in the update. This includes DivX Video on Demand (VOD) and Adove Flash Player 9. You can update your console using the Network Update feature from the [Settings] Menu. See below for the full changelog.
New account management website:

Changelog:
[Originally Posted On: 15/10/08 09:25 AM]
Video
Music
Settings
PlayStation Network
Other

The new PlayStation Portable firmware is now available to download. Firmware 5.00 adds PlayStation Store access directly from the PSP, allowing you to purchase and download games and other content. The update also adds the redesigned XMB interface, a new sleep times to the [Music] menu and PSN Account Management options. You can update your PSP using the Network Update feature from the PSP [Settings] menu.
Changelog:

PlayStation 3 Firmware update v2.50 in coming soon and with it comes several improvements and new features. With the release of the official bluetooth headset this month, the firmware update will add new features to support High Quality audio mode. Also, the trophy system will be getting an interface enhancement to make it easier to compare trophies. As for new features, the firmware update will add in-game screenshot support, power save settings for wireless controllers and background downloading features.
Changelog: