According to this thread on the US PS Boards, Life with PlayStation is now Live.
The Folding@home icon on the PS3 dash has now been replaced with a Life with PlayStation symbol, according to reports.
Just checking this now.
Update: Well, we can't get it to appear, but there is a Folding@home update there. Should see some videos soon if it's legit.
Update 2: We've just checked European, Japanese and US accounts, and we can't see any sign of it.
Update 3: Something's going on. There's a video of it working after the break.