PS3'S Home is realitivley similar to Second Life: you control an avatar through an emense 3D world alongside your community of friends and other fellow gammers. The Home service is Sony's answer to Microsoft's xbox Live. Sony's original release, scheduled for Spring 2007, was delayed until later in 2008. At this point, Home does not have an official release date and PS3 users are forced to continue dreaming about Home.
In my opinion, Sony's Home might be a release feature with their next gen console in an attempt to best the Xbox Live value added services, ie movies on demand, game demos, xbox live cross platform functionality, etc. Overall Sony's home, if released with the PS3, could be a make it or break it service for Sony. But if released with their next gen console, it could be a great exclusive feature.
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