It's essentially a social networking service with live avatars; it's a series of interactive chatrooms.
If you're not on there to chat with people you know, friends, people you game with or meet new gamers, then you've pretty much missed the point of Home.
If the following statement applies to you: "I have no friends and I have no interest in meeting new people" then yeah; Home is pretty pointless.
If you're on Home with the mindset of "I'm not talking to anyone" then it's about as pointless as an MMORPG without interacting with anyone one else online. At that point, Home is little more than an interactive advertising space for games, TV/movies and various other random non-game related things, some of which are pretty questionable, much like most advertising.
