XMB is still around for minimalist, fast access to local media and friends.
Playstation Store is still around for downloading media.
You can also go into specific games (like Resistance or SingStar) and access game specific online features from there.
Home is the glue.
In fact, we are still missing movie/music downloads, PSP remote access, and EyeToy to further enhance the experience.
EDIT: I forgot to thank the Sony team for doing this for us. So here you go: a big thank you for making me happy today, so on and so forth