Sony announced PS3 firmware 2.20 today. The new firmware will add Blu-ray Disc (BD) Profile 2.0 (known as BD-LIVE).

Update:
Sony PS3 firmware 2.20 available now

With BD-LIVE you can get access to downloadable video content, ringtones, games, and more - BD-LIVE promises to offer PS3 users the ultimate interactive film experience.
Blu-ray movies with BD-LIVE are scheduled for release next month. The 6th Day and Walk Hard will be two of the first Blu-ray titles that feature BD-Live.

In addition to BD-LIVE, the new Sony PS3 firmware 2.20 will enable photo and music playlists on a PS3 to be copied to a Sony PSP.

In the new firmware for the Playstation 3 are also these improvements:
1) “Resume play” will enable PS3 to start playing a BD and DVD video at the point it was stopped, even if the disc had been removed.

2) “Audio Output Device” will be a new Remote Play setting, enabling PSP to serve as a remote control for music played through PS3.

3) Sony PS3’s Internet browser will be enhanced:
Video files directly linked from a Web page will be able to be streamed, and the browser’s view speed will be improved.

4) DivX and WMV format videos that are larger than 2GB will be playable.

5) “Mosquito Noise Reduction” will be added as an AV setting in the control panel of the DVD/BD player for improved movie playback.

The new Sony PS3 firmware 2.20 is to be released in late March.