According to This Story on Blu-Ray.com
the latest firmware update (2.10) which also lets the PS3 play Divix files has updated the PS3 to the Blu-Ray 1.1 profile.
The story shows screen shots of Resident Evil Extinction that shows what to look for.
I've already pre ordered Resident Evil: Extinction & have downloaded the new firmware.
A lot of people said that the PS3 could never be upgraded to profile 1.1 but it has, it just goes to show how much thought went in to the PS3.
Like I've said before, firmware upgrades are a good thing!