A new system software update (v4.00) will be released this week. In preparation for the launch of PlayStation Vita (PS Vita) in Japan, this update will prepare PlayStation 3 (PS3) to serve as a content management device. It will allow users to copy their digital content such as games, music, photos, and videos between PS Vita and PS3, back up PS Vita game games including save data to your PS3 hard drive, and update the system software for your PS Vita system using the network features of your PS3.

Other changes to take effect with this update include:
  • PlayStation Plus members can now choose to enable or disable each automatic update feature
    • Game patches
    • System software
    • Recommended games and videos
    • Sync trophy information
  • New PlayStation Network settings for filtering friend requests and messages
You can find more details after the firmware goes live here. We look forward to your feedback.
Source: PS USA Blog
Wonder if they patched the exploit for 3.73....