At the moment there's plenty to choose from, from season 6 of Top Gear (a must see) to Japan's Super GT and a "video magazine" called Video Option. For the first two weeks all paid-for content will be at the reduced price of $0.99, letting you trial the content for a little while for half price.
The patch also adds "fixes in penalty judgments, more tire choices for Time Trial and improved physics during collisions between cars during online races." Sounds like a pretty hefty update. Not bad for a free patch, right? Check the PlayStation Blog post for more info.