Although Sony recommends that you only use this update on Japanese PSP's (PSP-1000 Series), it will install normally on other PSP's as well and retain your usual language settings. The changelog for v2.70 is as follows (Translated by Jeff Chen/PSPupdates):
[Network]
* [Internet Browser] now supports Macromedia Flash contents playback.
*You need to enable the Flash contents playback in the [System Settings].
*The version of the flash player is Macromedia Flash Player 6 (a part of the functions is not supported).
* The settings of the [Internet Browser] is added into [Settings] -> [Connection Settings]
* The audio contents from channels in the [RSS Channel] section now can be saved into your memory stick.
* [Auto] option added to [Rate Change] in [Location Free Player].
*More about the Location Free base station can be found [here].
[Music]
* Added file extension to playable AAC format.
[Settings]
* Added [Enable Flash Player] in [System Settings].
*To change this option, you need to connect to the internet.
* "Simplified Chinese" and "Traditional Chinese" added to [System Settings] -> [System Language].
* Added [RSS Channel Settings].
* Added [UMD Video L & R Button] into [Video Settings].
[Others]
* Fixed some issues when using a memory stick with more than 2GB free space.
*This problem has not happened among the memory sticks sold in Japan until April 24.
"CAUTION: This update is only for customers who obtained PSP0 (PlayStation0Portable) for Japan (PSP-1000 series). Upon completion of preparing, we will announce update information for the other countries/areas customers via SCE Group Web Site or other channels . For these customers who obtained PSP0 in the other countries/areas, please DO NOT update PSP0 through this web site. There are no guarantee of proper operation of the other PSP0."
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The changelog for v2.70 is as follows (Translated by Jeff Chen/PSPupdates):
[Network]
* [Internet Browser] now supports Macromedia Flash contents playback.
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