There are two versions of the 501 software: P154 and P165.
P165 includes the Dish Home and Local Channel Mapping. It started spooling out on July 31st. Dish tends to release major software releases in batches in case a last minute glitch pops up and to avoid being flooded with calls.
So, if you're at P154, be patient. If the past is any history, it usually takes 1-2 weeks for everyone to receive the upgrades. You should have your 501 powered off to receive the upgrade, and no, you don't need your phone line connected.