It's not looking so likely that we will see in game XMB soon.
Reason ?
Well it's been the one BIG bug bear that must have been thrown at Sony from ALL sides (media, critics, consumers) and yet despite 12 months later, and 6 or 7 big updates later there is still no trace of it.
Remember the XMB is based off the PSP's interface, and that neither has in-game XMB either.
Maybe they simply never intended us to do so, and when people started griping on about it Sony thought 'Oh Sh*t' and that's the reason for HOME! to manage friends and achievements... Because I know the majority of users would prefer a simple in game XMB interface that allows users to manage friends and messages, without having to boot into yet 'another' piece of software just to chat & send messages to friends.
I'm not saying that an in game XMB is not possible, just it must be harder for them to implement than it seems otherwise we would have seen it by now. And it also explains HOME!
I hail the day if and when we finally get it, but until then we will all have to just go

and bare with it.
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Connect360 allows you to stream ALL your 360 compatible movies, your entire iTunes library and entire iPhoto library.
I assume the PS3 version will do the same, when it finally arrives.