Home could be fun if the developers would fix the current issues/lack of features:
No universal Gamelaunching (this shouldn't be a Home-only feature though, it should be something that's in the in-game XMB all the time and works together with Home)
It takes too long to load. Especially when booting up with all the update-information screens, but also while switching between spaces
There's not enough customization
Currently, there's no voicechat in public rooms which makes it really dull
Ability to use your Home-avatars in other games (Pain, for instance, or High Velocity Bowling)
They should also add a 'widget' to the XMB when you are in the 'Friends' tab with updates on your friends about where they currently are in Home and what they are doing with the ability to instantly join them... You know, to pull people in. To connect everything on PSN. It's all so seperate now. There is progression though, with the new cross-game invite/join functionalities (as seen in Modern Warfare 2). =)