I noticed this on PS3Fanboy and have tried on my EU PS3. After the updates folding at home is now called Life with PlayStation.
To quote: Life With PlayStation was leaked yesterday, but now it's officially available to download. Simply go to Network -> Folding@Home.
You'll be prompted to download two update files. Once you're done, Folding@Home will be replaced on your XMB with Life With PlayStation.
Don't worry -- you can still cure cancer. But now you'll be able to check the news, listen to music, and research the weather all from one app. More PlayStation 3 News...