Sony Computer Entertainment America has released a brand new firmware update for the PlayStation 3 that adds a new option to the SaveData Utility in the XMB. The firmware, v.365, changes the XMB item SaveData Utility (minis) to [SaveData Utility(minis/PSP)]. It also improves the "operating stability of some PS3 format software."
Sony says this is an optional update (you’ll need it if you want to connect to PSN, so it’s not really all that optional), but if you own a PSP then you’ll want to download it. Basically, When you have a PSP connected to the PS3, you’ll gain the ability to copy your PSP save data to the PS3. This will allow you to backup your PSP data, although its availability is dependent on the game.
Source: PlayStation Blog