It’s just a minor update with a couple bug fixes, so don’t get all excited.

With v1.80, Sony introduced a settings for RGB Full Range, which improved the black level on displays that support this over HDMI. There were some issues with the setting reverting back to Off on certain systems, and this update fixes that issue.

Sony also states:

The stability of the network connection used during gameplay has been improved for some PlayStation®2 format software titles that support online gaming.

I haven’t had any network problems with PS2 games I’ve played online, but then again, I haven’t played that many either.

Whatever the update fixed, I give much respect to Sony for continuously providing updates to the system. More importantly, I give them the upmost respect for telling the community what the update does. Some other companies like to keep you in the dark…