The update is supposed to drop this week (Thursday, July 31st). Other testers will not be invited until the closed BETA testers try it out first.
The update will not come as a patch, but rather a unique code sent to your email and redeemed via Account Management in your XMB.
HOME will then be part of the XMB rather than under the GAME section on your XMB.
A picture of the forum post from TedTheDog is below.
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