I decided to load up the PS3 and check this out last night, 12 hours later and I'm logged in.

As a whole, the character creator is completely uninspired. Four pairs of pants without the ability to do even simple things like choose from a half dozen preset colours. Of the few options in there, the majority aren't even worth considering.
Facial hair is literally a joke. The mustaches are all the equivalent of rainbow afros.
I'm not saying that the character creators on the Wii and 360 are great, but Home is being pushed as much more than a interface upgrade and Wii Tennis so it really needs to live up to higher standards than this.
This is one of the most important aspects of the entire Home experience, yet I'm having difficulty thinking up a character creation system from any B+ game within the last year that doesn't blow it out of the water.

The world itself functions alright. The constant loading screens between areas is annoying and seems sort of unnecessary. There are also some dumb things like physical limitations on who can be using what, but it does it's job well enough.
That said the world may do it's job well, but it's job is boring. There's not much to do. If my friends were interested it might be a different story, but I just felt like I was standing alone with nothing to do. I eventually found an arcade game that was free and it was (and I'm stealing this from Penny Arcade) nothing more than a flash browser game.
It was an ice-themed version of basic Breakout (no power ups, no special bricks, just bounce the ball at the bricks until they're all gone). Pool and bowling looked better, but there were no tables/lanes free, and even if there were I don't think anyone would appreciate one person taking up a whole table/lane by himself.

Playing alone, and I can't imagine ever saying 'hey guys, how about instead of playing skate we just stand around in Home', the whole Home world seems to have this atmosphere of being stuck at your lame cousins birthday party. You don't know anyone, you don't really want to know anyone, so it's pretty much bad music and cake.

The cinema is sort of cool but it needs to be more. Being able to watch actual movies in full screen, with groups of friends to chat with during the movie, would make it worth while. Until then I'd rather just use a menu.

Next up you've got your apartment. It's got a sweet realtime editor, but I would have liked the ability to go into a Sims-like editing mode where you get a broader overview of the apartment as a whole.
I like the idea of being able to buy new homes but $8.99AUD is a bit much when, like every other purchasable item, there is nothing more than a thumbnail picture to show you what you're getting.
This brings me to the Shopping Centre's only problem (it's two floors of shops, there's nothing to really screw up or do right). The one situation where a 3D environment can work better than a menu and they go ahead and use the standard PSN Store. Instead of having stores you can walk into, look at the show room floor, select what you want then buy it they just make it so that when you enter the stores doorway a PSN Store menu pops up with a bunch of thumbnails and descriptions for what ever is being sold there.
You can still browse, and most of the thumbnails seem to give you a good idea of what you're getting, but the whole thing just feels really backwards compared to the rest of Home. Really you'd expect them to have a showroom floor where you can browse, maybe even try on (and get your friends opinions) and then have the PSN Store menu interface at the checkout counter.

If they put in some serious development time, ported it to 360, Wii and PC, increased the amount of free AND purchasable content and offered a web-based Facebook style interface, this could become a serious social network. Until then there is no good reason to use this. Anyone you meet there has access to the PSN which is must faster and easier to use.
It's the equivalent of replacing Windows Explorer with a Matrix-like file warehouse you have to walk around in to find your files. Cool, but pointless.

Overall, my verdict on this is pretty much the same as it was with Lair and Heavenly Sword. If the PS3 had a decent selection of software and Home was simply allowed to be itself this would have been a fun toy and some people would have really liked it. However due to the PS3's game shortage it was over-hyped and held up as something far bigger than it is, which I think is going to turn a lot of people sour to it and ultimately result in its death.
Playstation Home is a support act, not the main event. If you treat it as such you'll have a much better chance of actually enjoying yourself.