The last thing we reported about the Sony Playstation Home 3D world was that the open beta for Playstation Home is to start this fall.

I just stumbled over a website Sony has setup for Playstation Home in Japan. I am not sure how long the site has been online, but it has lots of screenshots and explains on a high level Playstation Home and its main components.
You can see screens of how to configure your Avatar, how your empty room (My Home Space) looks like, what lounges are and how communication will work.

The Sony Playstation home avatars can be customized in face, height, weight, gender, skin color, hairstyle, clothes, and accessories.

The My Home Space room can be decorated with chairs, other furniture, and wallpapers.

Lounges in Playstation Home are places where people gather. There is the "Home Square" and there are other lounges that feature games like Bowling and Billiards. You also can meet people in your My Home Space.

Communications in Playstation Home will support voice chat besides text chat.

Playstation Home will be free and it looks like Sony is on track to let us all in this fall when the open beta of Playstation Home starts.
See the Japanese Playstation Home site (Japanese). Google English Translation.