Additional information from Chris Kohler. It's also not called the XMB anymore.
Things learnt from this video:
Settings - "Set the screen size of the TV to optimize the 3D view"
Settings - Menu Music can be disabled
Settings - Key Tone can be disabled
Settings - "System Storage Management" is a sub-menu
Settings - "PlayStation App Connection Settings" is a sub-menu
Main Menu - The "www" icon is indeed "Internet Browser"
Main Menu - The "down arrow" icon on the far right is indeed "Downloads"
Notification Settings - Can enable/disable: Friend Requests, Name Requests(?), Invitations, Trophies, Game Alerts(?), Download Status...