We reported yesterday that the latest PS3 firmware update was "almost ready," and now…it is.
The update doesn't feature that resolution fix outlined in the article above, but it does feature a very nice repair that many owners have been waiting for. The PS3's backwards compatibility works extremely well, especially considering the sheer number of titles in the PS1 and PS2 libraries, but there have been a few issues. Unreadable text and clarity problems have plagued certain PS2 games, as outlined by several sites (although we noticed no such flaws during testing), and Sony has responded with this update.
Firmware update version 1.5 cleans everything up, and while a few very obscure titles may still have a problem, the general issues are gone. Furthermore, the update adds some visual clarity that wasn't even possible on the games' native consoles, so we're plenty satisfied with this update. The PS3's b/c program was already a million times better than the 360's terrible b/c offering out of the box, and as of now, it's official: the PS3's backwards compatibility is both superior and a real treat.