PS3 1.5 firmware update clears up backwards compatibility, implements other changes [update 1]

While the complete change log of the latest PlayStation 3 update (v1.50) is still conspicuously absent from public eye, it's been widely reported that Sony has corrected the fugly resolution issues that plagued PS1 and PS2 titles (those not originally coded for 480p output) when played on the new rig. That's right, no more (unprecedented) artifacts and jaggies. Huzzah!

Note: the fix does not upscale the original resolutions of PS1 or PS2 games.

Update: PS3 Fanboy has posted a list of additional changes implemented by the update:

• A personal image/photo can now be used with a user ID

• Edy support added
  

• 'Operation Sound' added to sound settings

• 'Delete Backup Data' added to backup utilities
  

• WEP128, WPA-PSK (TKIP), WPA-PSK(AES) can now utilize AOSS
  

• Login password can be saved without setting the system to log in automatically
  

• Korean keyboard setting now available

[Thanks to everyone who sent this in!]