Wonder what this means:
Here's a test for people to see whether or not their display supports the new full range option or not.
First, save this image, and put it on a memory card or something so that you can view it on the PS3:
http://sr-388.net/images/patterns/Brightness.jpg
With the option set to limited, adjust the brightness control on your TV until you can see most/all of the boxes. There are 12 boxes there, but you might not be able to see them all. You should hopefully be able to see at least 9/10 of them.
Now switch it over to Full range. Can you still see all the boxes? It's very likely that you will only see a full black screen now if you're using a HDTV rather than a DVI monitor.
If you can turn up the brightness control and see the same number of boxes again, then it seems your display does support the full range. If it stays black, or you can't see as many boxes as before, your TV does not support the full range option and you should be using limited.
Most HDTVs should have it set to limited.
Settings
* [BD 1080p 24 Hz Output (HDMI)] has been added as an option under [BD/DVD Settings].
* [RGB Full Range (HDMI)] has been added as an option under [Display Settings].
* [Y Pb/Cb Pr/Cr Super White (HDMI)] has been added as an option under [Display Settings].
* [Bit Mapping (Super Audio CD)] has been added as an option under [Music Settings].
* The [Test Camera] option under [Accessory Settings] has been changed to [Camera Device Settings].
* [Printer Settings] has been added.
* [Media Server Connection] has been added as an option under [Network Settings].
Music
* You can now edit CD information.
Photo
* A new type of slideshow display pattern has been added.
* You can now use zoom display for images.
* You can now trim images.
Video
* Super-White and x.v.Colour output are now supported. Owning a deep color TV makes sense now.
* Downscaled output of Blu-ray Discs is now supported. When 720p is selected for the video output setting of the PS3 system, Blu-ray Discs that were recorded with 1080i/1080p resolution can be played with 720p resolution.
Game
* You can now move copy-prohibited saved data for PlayStation format software or PlayStation 2 format software to a PS3 system.
Network
* The options menu items for [Download Management] have been changed.
Friends
* [Display Photo] has been added to the voice / video chat options menu.