Looks like Pspzones.com got the inside scoop on Orbis's Flash-Mod Ver. - 3.0 by Orbis PSP Developement.
Here is what they had to say:
I have been given a List of features, and this looks VERY promising
Features:
Change PSIX version number
Change XMB menu names (within FlashMod)
Improved 2.00+ UMD support (UMD Overclocking optional)
Install Custom background
Install Custom background for PSIX Lite
New and faster writing system
New write complete message (includes flash failed message)
Remove corrupted icons (through firmware)
Remove asura effect
UMD Overclocking
This is one great app, I cant wait for its release!!
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Looks pretty promising, but no released date was given? We are just going to have to sit and wait, I guess?
Source: pspzones.com