According to a forum post on the US PlayStation Forum, Home Manager "TedTheDog" has suggested that PlayStation Firmware 2.50 will be released sometime in October to deal with some problems experienced in PlayStation Home. TedTheDog has also suggested that Home v1.0 will also be released around the same time, though it is not know if it will be available to the public as well.
The forum post reads as follows:
"I wont go into the technicalities, admittedly because I simply didnt understand them although they did try to explain it to me, but we are waiting for a system software update to thePS3 to deal with this.
2.5 is what we’re waiting for and "October" is what I’ve heard, later October is my guess.
This should tackle the PS3 freezes and the Network Error problems. Then Home 1.0 will be upon us too and you can read into that what you will."
Until an official announcement from Sony, this should all be considered as a rumor. We will bring you more news as it becomes available.