Thanks to Gaf, I found out about the Life with PlayStation software being updated to version 1.2. It would seem that the only way to know when there is a new update is if you actually select the Life icon vs letting the application auto-start.

The main feature of this update is video playback and with that comes a new channel called Game Trailers. With a sleek display of various game trailers, Pulse and Qore previews as well as dynamic themes, you can select which to watch or let it auto-start and randomly play the videos. Pressing “select” will open the PlayStation Store front for you to view details and purchase the content.

Release Notes

• Added support for video playback.
• Added support for photo slideshows.
• PlayStation Network Game Trailers Channel is now available for US only.
• Videos are now available in the United Village channel with this update.

About

Life with PlayStation is a channel based application that allows users to view photos and read news from around the world. Users also participate in the Folding at Home project by running the Life w/ PS software.