Looks like Sony's virtual playground will not be coming for a while.  Currently there is a closed beta of Home ongoing but from what i've hear the feature set is underwhelming.  There is no in game XMB(cross media bar) functionality like many have clamored for.  Home is a virtual space where you can meet your friends, watch trailers and launch games.  It really is a virtual replacement of the current PS3 user interface.

Home was announced by Sony at the Spring 2007 Game Developers Conference along with Little Big Planet.  So far neither has been released.  I tend to think that what Sony needed to do was make some features of the XMB accessible while in a game.  If Sony would just add the ability to view your friends list, send/read messages and voice chat with friends while playing a game they would have a lot more happy users.  The lack of a universal friends list is very annoying and should be resolved.

It's no surprise that Sony is so far behind the Xbox Live considering how late to the part Japan has been to online social gaming.  In the past you really could only play console games by yourself but with Xbox Live that all changed.  The online community normally only found in PC games has come to the console.  Gamers now expect voice chat and in game communications from their game consoles.  Sony has instead spent too much time building a new virtual user interface that will not resolve any of these issues. 

Source:
ps3fanboy - home-gets-delayed-again-open-beta-scheduled-for-fall