So, it's about 1:00 AM right, I downloaded the update about a half hour ago. The in-game XMB works fine, albeit slightly joggy. But for whatever reason, none of my games (PS3 or PSN) let me play music while running the software.
Also, I can't really say anything about trophies because the one enabled game I have, PAIN, is yet to receive the update. When available, I'll be sure to share my thoughts.
P.S. This is the first post made using the PS3 's browser.