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It probably won't give it a huge boost in sales, but a good dent in sales.
I think home is very under-rated, it needs to be advertised more, I just recently found out about the achievements that your friends can look at (Trophy Room).

I think Sony is trying to make it a MUCH more interactive "xbox live", and best of all, its free !

A lot of people, love achievements, they love seeing those Trophies or medals (I know I do when I see my ranking higher than my buddies in COD4). This would be another one of my reasons to own a PS3 (If I didn't already).

If people can preach about Home to people, and advertise it more, and refer to it as Xbox Live's rival, than it actually could put a bigger dent in sales then you think.