N3M3515, who is a BETA tester, posted some information on the PS3 Home v0.96.3 Update today.

Included in the update details is a release date of July, 31 and screenshot from the announcement in the Sony BETA Tester Forums by Home Manager "TedTheDog".

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.