Don't have a PS3 but i find Home very interesting even though I have tried second life but didn't like it. The idea that Home is a sort of lobby into games, various online aspect of the PS3 and whatever else is quite cool rather than having a whole bunch of menu screens and such like.
I got the home invite recently. It is alright...fun. Right now it seems a tad...boring with little to do but I think it could become pretty sweet over time. IF anyone ever wants to try bowling out with me, my names ShmupGamer86.....add me.