If you are still wondering what Secondlife is all about and how it is being used in corporate universities, then you must check out this video from Thomson Netg.
The New Media Center held an inworld tour of the ThomsonNetg campus this morning. I now remember why I've been a big advocate of interactive 3D learning for 10+ years.
My early 3D simulations were done in Superscape, then Visual BASIC, then Macromedia DirectorMX. Secondlife and the other tools coming out in this space are absolutely the next step. Jeremy Kemp and others have been using the term MUVE (multi user Virtual environment...I think). I like that better than MMORPG.