New features include, PSN on PSP, new home page redesign. The TV thing now means that it plays on a full screen instead of 1/3 of it and theres something else about it that has changed but i dont understand it, so i wont even try to explain.
It took me a while to find out the exact info but with 5.0 you can now play PS1 games in interlace mode using the composite cable, 3 plug, rather than the 5 plug component cable. In order to play the psp (non ps1) games on the tv you still need a component cable in progressive mode.
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