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http://playstationlifestyle.net/2012/06/25/ps3-system-software-firmware-update-v4-20-detailed-coming-tomorrow/
The update will have

"Coming out tomorrow, v4.20 will improve sidetone audio performance on the official Wireless Stereo Headset by giving you the option to select one out of five levels for microphone audio, or turn the feature off completely. Wireless Stereo Headset users who watch movies on their PS3 will be able to enable virtual surround sound functionality.

This update will allow you to set the amount of time that the system will wait before turning itself off automatically for [Video/TV/Music/Photo] and for [Game/Other Features].

Saved data management has been improved and you will be able to select multiple saved data items and delete or copy them as a group.

More details are promised tomorrow, but don’t expect any big hidden features."

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It's already out.

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Lucky, took me 10 minutes.

EDIT: Aside from the listed features included in the update, I just found out that when you push on a Blu-Ray Disk in the XMB, the option to "Eject Disk" is now "Remove Disk". Does the same thing, but different name.

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:p

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When no subject is put in a XMB message, the message itself is scrolled along the screen without going into it. A good idea but on long messages I have a feeling it's going to get very annoying! Selecting multiple saves was a good idea though, but not much to this update at all.

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Quote

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#746642 redwes :
...indeed. If your connection is anything like mine, it should download & install in about a minute or two.

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I wish I could relate, my connection made it take at least 20 minutes. -_- But it's nice to see updates even if minor.

@Thomas...I noticed that, I do prefer that over it being left blank for the subject especially when I am playing a game to see if the message is important or not.

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if they were going to make a new slim ps3, why didnt they talk about it or display a concept at e3? @Kuybi you should look at the link that Thomas posted