This is a freely offered Sony virtual world similar to Second Reality. It is what it is.
At the basic graphics level, PS Home is quite pretty and the avatar creation certainly allows for creating some quite realistic options. As many have complained, having to pay for clothing and the like is kind of stupid. I think that if this was more open-ended and sort of a "free for all" people could have a lot more fun. That is, if people could easily create their own clothing items and what not that they could sell themselves it might offer some fun that, otherwise, is negated by actually having to use real cash for minimal items.
Overall, Home is a free service with limited use. You simply walk around and do various things which can include visiting some of the special locations for new games. These can be kind of fun as there are various games/quests you can do but, in the end, Home winds up being just a place to waste some time and nothing more. I'll jump in now and again just to see what's new but it certainly isn't a hang out location.
While the idea of Home is a cool idea, in the end, people most typically use their PS3 to play actual games. I do appreciate their effort on Home but wish that there was more intentionality in developing it. Unfortunately, it seems relegated to the back burner and not something that people really put any effort into. Understandably, with PSN being a free option, one can not expect too much. For what it is, it is OK but nothing that will WOW anyone.