Okay, my overall experience/feedback is as follows.
I used the new update for around 4hrs last night and didn't have a single negative issue. Obviously there are real issues. Too many people are having them. I didn't jump through hoops or do anything odd to make the update work. All I did was start Home, let it run the update, then proceeded to upload my data. As soon as that was done I went to Harbor studio. Before doing a single thing, I went into settings and deleted my hefty sized cache. It took almost 10 mins to delete. I almost thought it was stuck at one point. After that was done and it loaded Home back, I checked my furniture items. Everything was there. I then checked my wardrobe. Everything was there. Some things were in a different order, but that wasn't a problem. I loaded a couple of saved outfits then manually changed into stuff. Everything was significantly quicker than usual. I exited Home completely, logged off PSN then logged back on and restarted the software. I got no error codes or anything. After Home reloaded, I visited several spaces to get them back into the cache. That was boring but it went smoothly. Once that was done, I settled in Random Central for a bit (ok, The Square). I changed outfit a few times to see how things went in an open space. It was all smooth; didn't get stuck in wardrobe once. Then, to my delight, I realized wardrobe lag had been vaquished.
The new interface is nicer. I like the slightly improved layout. I also noticed there are now people walking around with Plus graphics beside their name - to advertise Plus to non-plussers despite the fact Home doesn't really offer anything on its own worth upgrading to that service for. Makes the place look kind of two-tier-ludicrious, IMO. But whatever. I'm sure it's nice for Plus users to get to feel a little more special for their extra cash outlay.
So, from my own personal experience, Home was a quicker, more fluid experience last night. Unsure whether it will be a lasting bliss when you consider all the info is now on Sony servers. Perhaps we'll all be struck with new random tech issues from time to time. For now it seemed ok though.
Works fine for me. Slow loading. Downloading spaces, without it downloading properly. Clothing loading at the speed of a dead snail. Avatars taking about 3 hours to load, low textures as normal... All working correctly
If I must complain though. One thing I (still) do not understand with home. You are paying for virtual clothing, barely any avatars nearby load textures to their fullest. What is the point buying clothing that is going to display in low res..? Surely the whole point is to see them in their highest definition.
I am guessing Home will probably cross over to the PlayStation 4 in some form, judging the amount of content. Either a continuation as it is currently, or a slight vevamp graphically. Perhaps the PS4 can help out with the issues here.
While I see many people seem to be having problems, can't say I've seen anything that serious. It's working much the same for me.
As far as problems go for me personally, at most I'd say the wardrobe seems slower (occasionally much slower), and has frozen on me a couple of times (a quit-home-and-reenter freeze, not a power-down-and-scan-your-PS3-HDD-for-errors freeze) since the new update. Both times those freezes have been when changing from male to female avatar, or vice versa.
Hope those people having worse problems with it get them fixed soon.
After a few errors when first attempting to get in to Home after the update, almost everything seems okay.Faster loading, personal spaces all load up faster, also faster moving between spaces. Only thing wrong that I have found is that wardrobe is reorganised and some favourite things aren't anymore.
I also found the same with the furniture section, but at least this is something that can be put right easily. One thing I did notice was that the storage sections take longer to load.