According to Major Nelson, the USB Memory Support update will be launched on 6 April (i.e. today). Based on past experience, all releases are pegged to US timezone, so watch out for the update to be available in Singapore time from 5pm onwards. If all is in order, you should be able to access the update around dinnertime or as you return home from work (7pm ish).
I will be doing some tests with the update, mainly to check the difference between using a flash drive and an external hard drive. For this purpose, I have acquired a 500GB Seagate external drive and a Sandisk 16GB flash thumbdrive.
Check back here tomorrow for my findings.