The 4.25 firmware update for the PS3 is now live. This update will increase online game save storage from 150 MB up to 1 GB. This is only PlayStation Plus members, so if you're interested, make sure to sign up for that to get the increased storage.
Source: GameDynamoLabels: Consoles, Firmware, Firmware Updates, News, Nintendo Podcast News, PlayStation, PlayStation 3, PlayStation Plus, PS3, PS3 Podcast News, Top Posts, Updates