It prompted for an update when I restarted a PS3 that has been whirring away for a while and announced it was no more!
On September 18, 2008 the Folding@home client became Life With PlayStation. In addition to the existing functionality, the application also provides the user with access to information “channels”, the first of which being the Live Channel which offers news headlines and weather through a 3D globe. The user can rotate and zoom in to any part of the world to access information provided by Google News and The Weather Channel, among other sources, all running while folding in the background. This update also provided more advanced simulation of protein folding and a new ranking system.[7]
Starting with system software version 4.30, Life with PlayStation was removed from the XMB for new users, and the service itself will be retired in November 2012.[1]