Sony conducted system maintenance on Home on Thursday, to fix connection issues known as C-931 errors.
At this time Home will be updated from version 1.03 to 1.04 and news on the official PlayStation forums say it should take around six hours - all being well.
Work is already underway, as the update started at 8am UK time, so we should hopefully see Home back online around 2pm.
Apparently the reason for connection errors is down to "high demand" for the service, and the maintenance is to help ease this difficulty.
Additionally, as part of version 1.04, the voice chat feature within PlayStation Home will be temporarily suspended until further notice.
Sony has said that users should keep an eye on PlayStation.com and the PlayStation blog for news about when it would become reavailable, but encouraged users to make use of the text chat function, or the "phone friend" features to communicate within PlayStation Home.
Sony has of course apologised for any inconvenience caused. No word on if the Telegraph's story about Home being hacked is true as yet though.