I did a quick test of applying the recent Patch Set Update .500 (patch nr. 17529887) on top of my existing EPM 11.1.2.3 virtual installation. At this moment I have Foundation, HFM and Financial Reporting installed on the VM (running on Server 2008 R2). As already noted by Cameron in his blog post and also by Oracle Support (see doc ID 1640411.1) the patch is not always installed successfully... Below you can see how your system should look like during the process and after applying the patch.
