It is basically a interactive globe. You can view current news and weather for places all over the world. Listen to your own music stored on the PS3. I would personally use this from time to time. I hope you can set up certain locations that pull up by default when it launches.

From the rough translation on the site. It seems that the globe will actually display live clouds as the weather changes. More photos at the link below.

PS3 new content “Life” Sony’s first appearance management policies Hirai’s comments at a briefing

[Update]