Engadget is reporting that Sony has just released a new firmware update for the PlayStation 3, firmware 3.40. The biggest update in this firmware is the addition of "PlayStation Plus," a $50 (per year) service that entitles the user to a 50% discount on PlayStation Network games, early access to betas of games, one hour demo's on games, and more.

Other updates in the new firmware are:

  • 5-star ratings for content purchased on the PlayStation Network Store
  • A video editor and uploader for Facebook and YouTube
  • More integration of Picasa and Facebook photo galleries

If you've got a PlayStation 3, what are you waiting for? Go and download the update!