Just before the weekend, TedTheDog has stated on the European PlayStation boards (linked above) that Red Bull's Air Race definitely won't appear in 2008.
To quote: Beta's are often difficult as everyone wants the new toy, whatever it may be, to work just as the vision portrays but as a beta things are being used in untried ways and things are bound to go wrong.
And the vision of Home is pretty exciting right? We know its a little bare right now and we've got some problems to solve, but they'll be solved and we can then move on to running it as the service we all want.
The reality is that we really are beta testing Home and we have to get these load related issues dealt with (and they can be dealt with.)
I'm very reluctant to give an ETA for the Red Bull Air Race as the very nature of what were doing here throws schedules sometimes (as you've seen) but it certainly will not be before the new year now. I know its irritating, but it really ought to be worth the wait, its really quite impressive and a lot of fun. More PlayStation 3 News...