The Sony PlayStation 3 may be old enough to be considered a legal adult in most countries, but Sony is still supporting the console.
A new software update for the PlayStation 3 (PS3) dropped this morning. The feature notes for version 4.92 of the PS3's software state simply that the update "improves system performance," which is a fairly generic statement. However, the patch is likely an update to the PS3's Blu-ray encryption keys, which are needed to play Blu-ray movies and discs.
Most modern consoles and Blu-ray players can automatically update their encryption keys, which expire after a set period of time to deter piracy. However, the PS3 requires a software update to renew these keys due to the console's age. As such, if you are using the PS3 as a Blu-ray player, this system update is mandatory. Without it, new releases on Blu-ray won't work.
Of course, dedicated Blu-ray players are also widely available, such as the Sony BDP-BX370 on Amazon (curr. listed at $78).
The update requires at least 200 MB of free disk space, although users can load the update on a flash drive and plug it in to install the new firmware.
Keep in mind that if your PS3 is jailbroken, this update may remove the jailbreak or have unintended consequences. Companies like Nintendo and Sony often use system updates to silently patch exploits used to jailbreak consoles. It's likely the new firmware will have a jailbreak soon, if that's your scene.
If, for whatever reason, you don't want to update your PS3 but you have a reasonably powerful Android phone on hand, you could always try out the new Android release of RPCS3, although that emulator is still in Alpha. There's also the tried-and-true PC version of the emulator, which is steadily improving.
You can download the update at Sony's website here or via your PlayStation 3 console.