Sony announces a firmware update for the Sony PS3 that will be available on launch day in Japan.

So first thing for the first owners of a PS3 is to connect their Playstation 3 to the Playstation Network and apply the firmware 1.10.

As reported there have been already PS3 firmware updates for the test consoles that are out there.

In the same announcement Sony introduces the Sony PSP 3.0 firmware update. This firmware allows the PSP to interact closely with the Sony PS3. The PSP firmware update will also be available on the Playstation Network.
Interestingly the Sony PSP firmware 3.0 is not coming on the 11th of November. It is slated for a late November release.
More details in this Sony announcement (Japanese).

Japan will get the Sony PS3 this Saturday. More Sony PS3 News.