You can download the update by simply selecting the update icon on your PS3 or by downloading it from the link below. If anyone finds anything new in this update feel free to share it with the rest of us.
PS3 Firmware Update 2.42
UPDATE:
The PlayStation Blog has just been updated with a new post from Eric Lempel, director PSN operations.
Here's what he had to say:
Just wanted to give everyone a quick heads up that a PS3 firmware update (v2.42) is now available for download. This update improves the playback quality of some PLAYSTATION 3 and PlayStation format software.