SHAREfactory video editing suite to the system along with other extras, including "HDCP off." Sony Europe and Japan Asia confirmed the date today; PlayStation firmware is usually released worldwide simultaneously, so it's likely the 1.70 update will hit North America on the same day.
Scorsese types can use SHAREfactory to splice gameplay clips together and add some personal pizazz through things like overlays, filters, and picture-in-picture commentary (if they've got the PS Camera.) The option to toggle HDCP off means they can also capture and save high-definition gameplay video to a USB drive.
The 1.70 firmware also introduces auto-downloading, allowing eager beavers to pre-load games they've pre-ordered, so they unlock ASAP on release day.
Update: The PlayStation Twitter account has confirmed that the 1.70 update will reach North America on April 30.