HDMI full range handling works better now. In the past it had a tendency to go back to limited range, in effect screwing up your (freshly adjusted) TV settings, so it was safest to just leave it on limited and black-/white-crush the limted range deliberately with the TV's contrast and brightness controls. It reverted basically all the time, going into and back out of the store, playing a PS2 game, playing a PS1 game, maybe even more occasions. It was useless.
Was. It's working now.
My last complaint in regards to backwards-compatibility is, unfortunately, still standing. Ratchet & Clank 3 plays fine, and renders correctly, but at a framerate far below a genuine PS2.
In-game switching of upscaling
options and smoothing is there. Though it needs to be pointed out that upscaling needs to be enabled
outside of the game. You can't turn it on or off, just control how much overscan it eats ("normal" or "full").
I'm not using the scaling option for my PS2 games. It always gives me black bars
or cuts off stuff, as there does not seem to be a sensible middle ground wrt overscan. And it
always gets the aspect ratio wrong.
My TV does a much better job blowing up the signal to the full panel size when it gets the untreated SD output, even over HDMI.
Being able to eject discs via software is cool, but I'll probably never use it
If you hover over an item for a while, it will pop up a reminder on how to access the "right-click" options (triangle button). I think they wanted to make the XMB more accessible this way.