"Playstation Home has been in development since 2005, with programmers actively working on it for around 18 months. Home is a community-based virtual world with similarities to Second Life. It's exclusive to Playstation 3 owners, and accessible via the Playstation Network. It's free to use, and always will be. Even with a full public release, Home is still in beta, and could be for the duration of its lifetime.
Home has been a long time coming, and could disappoint a lot of people just the very nature of high expectations. I think there'll be a lot of excitement early on as people discover new things to do and see, which will then wane after a few weeks. The big test then will be how often Home is updated and expanded by Sony. If the demand is there, Home could be huge, but its success is far from assured at this present time."