I actually just starting going back to Home after not using it for at least 6-12 months. I think it's vastly improved but still far from where it could/should be. I really like many of the areas that companies make for it. I like the EA Sports complex a lot. I play no limit poker there regularly now. Other than that I mostly play bowling too. It's a great place to join clubs and meet new people, but I haven't really done much of that. You really need a keyboard or the PS3 chatbpad to really get the most of socializing there.
Home is more for casual gamers really. People who love the Sims or Second life, etc.. Visually speaking I actually think Home looks great. The amount of customizations you can do to your body is also impressive. I'm not sure if Sony can call it a success but it certainly has become a microtransaction haven for them. You can buy your fav. teams jersey, all kinds of accessories, game related stuff, etc..