OK I’m pulling this straight from 3pointD, but this could be a biggee. Sony showed this video at the Game Developers Conference, a PS3 based vitual world using the latest physics and graphics engines.
In comparison to SecondLife it looks stunning and a lot more technology rich, the user created content aspects may not be there but the social aspects certainly seem to be. The stated ability to meet friends and head off into multiplayer games is a powerful one indeed, as a result the environment will no doubt gain traction and may become a strong differentiating factor for the PS3.
Anyway take a look at the video and form your own opinion.