Took quite a while, but finally it's here. The Sony PSP Firmware 3.40 first appeared in Korea, and was later rolled out to Japan. Well, we already got quite a glimpse of the changelog from both Asian official sites, but here's a more English-friendly translation

What's new in PSP FW 3.40? Thought you'd never ask...

Game

* New for 3.40: Support for PLAYSTATION®Network titles has been expanded.
* New for 3.40: Saved data from PlayStation® format software can now be used on both PSP® and PS3™ systems.
* New for 3.40: [Certificate Utility] was deleted.
* Information that was displayed in [Certificate Utility] can be checked by the following method.
* Select the icon of the game you want to display information for, press the button, and then select [Information] from the options menu.
* New for 3.30: Support for PLAYSTATION®Network titles has been expanded.

Network

* New for 3.30: Support for thumbnail images of items has been added under [RSS Channel].

Video

* New for 3.30:Support for thumbnail images of videos that are stored in the "VIDEO" folder of Memory Stick Duoâ„¢ media has been added.
* New for 3.30:The following types of files can now be played in the "VIDEO" folder. – MPEG-4/H.264 AVC Main Profile (AVC CABAC) video files of the following sizes: 720 X 480, 352 X 480, or 480 X 272
* Depending on the data type, some files cannot be played.

Settings

* New for 3.30: [Use Wireless Hotspot] has been added as a feature under [Network Settings].

As we have previously mentioned, this PSP Firmware 3.40 has already been decrypted. To reiterate what we have said in an update of the South Korean site article, "apparently, the keys haven't changed - this means that Team C+D's decrypter for firmware 3.30 will work on FW 3.40." Unfortunately there have been no other specific updates regarding this, and while there hasn't been anything yet, just sit tight and click on the download link below.