Is PS3 Home just a next gen console port of Second Life? On Three Speech, Sony's Phil Harrison, interviewed at GDC, says absolutely not.
From the Three Speech interview by Steve Boxer:
PH: I think you’re way oversimplifying by suggesting Second Life and Home are the same. In Home, you get a character and a 3D world, and that’s where the similarity ends... Home is about entertainment, it has a game focus, and it’s about sharing with a like-minded community. We don’t give users the level of influence over the environment, behaviour and object definitions that Second Life does – it’s as secure as any other PS3 game...
So, in short -- the plan here is gamey, secure, and not UGC. (Looks a lot more like There.com 2.0, actually.)
If you haven't seen the P3 Home demo video, check it out. Whatever it is, it's a virtual world.