Jim Cordeira of Gaming Age has this to say:
‘We’ve finally received word that the long awaited, and much rumored, PlayStation 3 Firmware Update 2.40 is indeed the real deal and is said to be coming relatively soon. Many of the most requested features, such as a universal friends list and in-game messaging will be included, in addition to a few rather nice surprises (*cough*soundtracks*cough*). We definitely can’t divulge all of the details, but trust us, it’s coming.
We aren’t yet 100% sure of the actual release date, but all signs point to sometime in June. We’re guesing that Sony will probably detail 2.40 in the coming weeks. ‘
So, looks like we’re getting full in-game XMB within a week or two. Awesome.