Online social networking is without a doubt one of the biggest topics of today, and likely will continue to be huge for some time to come. Sony is looking to get in on the action, and have hinted at a large-scale social network dubbed PlayStation Home. Now, they have revealed details on the system. From online apartments with your own pictures to public meeting areas, it really sounds like a Second Life clone more than anything:

As for user-generated content, PS Home allows you to hang your own pictures on your apartment walls and share videos with friends. You can of course dress up your avatar in assorted virtual clothings -- for a price -- all while enjoying "dynamic advertising" of some sort.
The system itself is free, and is likely funded by advertising. Sony will be opening a beta up in April, and plans to release it in the fall of this year.