Home features several instanced locations where PS3 users may converse and play minigames such as bowling. There are game specific rooms, like, say, for Warhawk, where users can get tips and such. It's a virtual world, not an MMORPG, but there's something interesting stuff in that preview. Obviously, it's most pertinent if you're a PS3 owner.
During the demo, director Jack Buser suggested that the developers might eventually add non-human character models if the community demands it (but it's not part of the plan at the moment). Most of the preview is about how Home differs from its non-virtual-world competitor: Xbox Live. Buser said he hopes that Home will give users a place to meet other gamers in an environment that's more social than the games themselves. According to him, there hasn't been a good way to do that since the arcades of the 80s.