It will never come out if it waits for Home! ^^
The XMB is already available to those who have the firmware 2.40. But it doesn't do much apart from being there...
Custom music is already confirmed, since WO HD is coming out after firmware 2.40 custom music should be available via the XMB in-game.
Trophies? Maybe. Depending on number of Golds, times, kills, etc, that could be fun.
HUD? Well this is the one thing we complained about over here, so it's very probable that it has finally changed (Who knows? ^^)
Handling, well we didn't play the game so no complaints about that. Maybe it was changed, but we wouldn't know about it so we wouldn't notice it...

Anyways thanks for the update Colin! I'm still waiting