Playstation 3 Firmware 2.40 Walkthrough Video Part 1: The XMB

[Aladuf]

Yessir, it's basically the Xbox Guide but a bit different. Instead you get the whole main menu (XMB :P) for the PS3 and you do all that stuff, custom soundtracks, in-game messaging, friends list, trophy list, trophy comparisons with friends. The only really notable things it's missing are cross game invites and in-game private chats.

But really, it makes paying for XBL a lot harder to do when you know you can have all of it for free.