Owners of 720p LCDs, look away... now. Sony Japan has outlined details of its next PS3 firmware update, due tomorrow, but there's no mention of 720p Blu-Ray playback. So yes, as expected, unless you own a 1080p display you'll still have no choice but to watch BD movies in 1080i. (You should see us all scowling, Sony.)
The good news about 1.5 is that Japan's cell phone wallet system (Edy) will become useable as a PlayStation Store payment method; a new audio option will enable the volume of user interface sounds to be changed; and you'll be able to use your own photo as your system user icon. Oh, and you'll be able to get Korean input from a USB keyboard -- we almost forget to mention that!
For the Blu-Ray 720p fix, though, please don't hold your breath -- your face could turn a dangerous shade of mauve.