It has arrived:
We are pleased to announce the release of our first SD card image based on the Raspbian distribution. This is the result of an enormous amount of hard work by Alex and Dom over the past couple of months, and replaces the existing Debian squeeze image as our recommended install. Notably, it is the first official image to take full advantage of the Raspberry Pi’s floating point hardware for, amongst other things, much faster web browsing
Now to figure out if I can upgrade. Sounds like it would be worth the trouble to upgrade from scratch.