Expect to install it later today
[Oh, hey, look at that. This update is available right now. Too bad it decided not to alert me to the installation. You might want to do the manual update thing.]
Yet another update is due to arrive on your PlayStation 3, but at least this time there are features arriving beyond the security updates we've come to know and love. Sony will be making the automatic download feature previously reserved for PlayStation Plus members available to all users of PlayStation Network.
That's not all. Have a trophy that you're particularly embarrassed for having earned? Now you'll be able to choose which trophies appear on your profile. And Sony is also improving access to your data, enabling the ability to transfer data between PlayStation Vita devices and the PS3 via wi-fi or ethernet.
System Update version 4.50 is scheduled for release this afternoon.
PS3 System Software Update (v.4.50) [PlayStation Blog]