1. Cross Media Bar feature (XMB) accessible in-game
2. in-game text messaging
3. trophy screen
4. Player profile card allows players to compare trophies
5. Friend list capacity increased to 100
6. Customizable in-game soundtracks
7. Sign into PSN (PlayStation Network)
8. Manage downloads
9. Assign controllers
10. Set vibration feature
11. Manage Bluetooth in-game
12. Clock
13. Internet search capability

The in-game XMB is accessible for most games. The firmware was supposed to be released June 18, 2008 however, Sony delayed release until July 1, 2008 due to their detection of a major bug in the firmware. There have been recent complaints about the firmware "bricking" PS3's after the update.Gizmodo.com: PlayStation 3 firmware 2.40 bricking some PS3s (July 2, 2008) Users have complained that after updating their system, the SIXAXIS controller has problems syncing and there is no audio or video. SCEA has removed the firmware 2.40 from it's update server on July 2, 2008 due to the update negatively affecting users' PS3s.