Last month Sony released the all new PSN store, whilst it does look stunning, many users complained that it was slow, perhaps this update will help fix problems, here is a quote from the source:
In what I assume will be a reasonably regular thing, when you start the Store you’ll be prompted for an update after the system has done its usual check.
And, as with all PS3 patches, you’ll be signed out whilst it updates. Version 1.01 is 26 MB in size, so shouldn’t take long.
In terms of new features though, this doesn’t actually do anything – or at least doesn’t appear to do anything that I could see. There’re no patch notes so it’s tricky to say for sure, but something like download list searching definitely hasn’t been added.