As I mentioned in my audio post, Sony announced a new online service for the PS3 at the Game Developers Conference in San Francisco. The service is called home and it combines ellements of X-box Live and Nintendo's Mii's in an online 3-d space... it looks very similar to second life if you've ever heard of that.
Check out this screen cap of the face editor... very different from a Mii. Be sure to watch the video below which summarizes all of the features better than I can (you can share music / video stored on your hard drive).
The service is going to be a "free", that is no monthly fees to participate, however they'll be selling you shit all the time... and advertising a bunch of shit as well. Anyway, the beta starts in April and is scheduled for final release this fall.
Personally I think the PS3 needed something like this to combat x-box live. Home will essentially act as a standard pre-game lobby where you can launch your multi-player online games (which the PS3 currently lacks).