The first hour was slow but the last hour really picked up.
Luke mentioned that we shouldn't trust Sony because they haven't necessarily delivered on their 2005 promises (unlike MS right?) and that we should stay skeptical of Home. I liked that N'Gai in pretty much the last sentence of the show reminded Luke and pointed out that Home was playable and demonstrated live at this presentation unlike stuff we saw in 2005.
Both Home & LBP was demonstrated well over 20mins each it seemed and 95% of the stuff they promised they showed off working in the flesh, in real time. It's not like Home is way off in the future either, there will be 15 000 of us already next month that will be able to take part of the beta trial.
There was one point though Luke talked to Phil about in the 1up interview and that was how matchmaking would work for something like MotorStorm if you used Home, and he asked about how the hooks and mechanics for that would work. From the FAQ:
Now, the specific point Luke meant most likely was that if you would be able to jump into a specific game and server and not just generally start up the game. The second part of that FAQ proves that it is coming but there was a recent article as well that also got a scoop on that the specific feature will not be in the Beta on day one next month but will have been totally worked out and in place for the actual release of the service in October. So what I'm saying is that the main feature Luke seemed interesting in is definitely coming and it will be there for the final service and my guess it will from now forward be a requirement to developers by Sony to have that little launch specific game/server hook in their games (probably a small piece of code provided by Sony I would think). I would also think that this would enable us to send game invites from inside a game (since at that time the underlying technology will be ready and available).
Anyways, read the Home FAQ people, it's actually quite interesting:
http://www.neogaf.com/forum/showthread.php?t=145720