Now that I've had a while to play with it, I generally agree with you. With all the time spent on it, and all of the hype surrounding it, Home is rather underwhelming.
However, I do like playing the occasional game of chess and pool there. Unfortunately, there's no way that three chess tables in the Mall and six pool tables in the Bowling Alley can accommodate the vast number of users. They need to do something about that, and a good start would be to allow users to have chess and pool tables in their personal spaces. I've met a handful of nice players there, but unfortunately, the ratio is about 10,000 ass-clowns to each reasonably cool gamer.
I think many users are unhappy that Sony is focusing on the social aspects of Home (another Second Life) as opposed to being more game-oriented in its approach. I think Home has the potential to be both a social and gaming network for players, but there's a lot of work to be done.
By the way, do you play Resident Evil? I got RE 5 this past Friday, and while it's not perfect, it's a lot of fun (more fun than GTA IV, in my opinion). Anyway, I'm StefanieTN on PSN, if you have the game and are up for some co-op play.
Capcom reportedly has some add-on content for RE 5 on the way for additional multi-player modes, including some "vs." modes. Hopefully, we'll be able to use our upgraded weapons.