Playstation Home is designed to be a social space for gamers to come and meet other gamers with similar interests. Set up your own space and customize it. Go out into a world filled with other Playstation 3 users. Meet your friends and play mini-games with them. Meet your friend's friends and their friends. Launch straight into a full multiplayer game like Warhawk or Motorstorm with your settings already custimized and slots saved for friends that you are expecting. Make a clan and easily get together for a clan war. Here is a question and answer session with more information.
The Age Blogs: Screen Play
Your Space.