It seems like it has some "huge" potential, but it's so clunky, and with hardly any real traffic time is much better spent trying to figure out facebook, myspace and other, more accessible platforms. That said, the depth of experience a well done SL sim would be is hard to beat. The way Sundance channel uses it, and my short experience in testing Virtual Laguna Beach proved to me that the tangible experiential potential is huge.
We've thought of using it for internal meetings, but the tech requirements (and bandwidth), combined with a touch of fear/uncertainty has made it a non-starter so far for us.
We'll continue to experiment.
I don't however get the same feeling I did way back in '94/95 about the web in general - this is more of an extension or evolution to the Internet platform while that seemed to me to be a radical, revolutionary turning point (ie - one day there was no Internet, and the next there was)