The port I'm using for it is the Components (Green, Red and Blue). Since the PS3 is equipped with a HDCP, it cannot use HDMI for video capturing.
Also I don't think the Playstation Display gets updates, it's just a display nothing else.
Well this is the setup
The Device has 4 ports (HDMI IN, HDMI OUT, Component and USB)
HDMI IN is for anything but the PS3.
HDMI OUT is for the TV
Component is for the PS3
USB is to plug it to a computer
PS3 must be plugged to the Component port on the device and the device will use the HDMI OUT in order to display the console, the USB is connected to my Home Server computer, with the latest drivers for the device.