When organizations such as the American Cancer Society, CNN, Dell, Disney, Harvard, IBM, MTV, Reuters, Starwood Hotels, Sun Microsystems, Toyota, and Wells Fargo are all participating in virtual worlds, there must be something to it.
The American Cancer Society has actually raised $650,000 in real dollar donations during their time there. IBM holds their monthly engineers' meetings at their headquarters in Second Life where engineers from all over the world, meet, talk, exchange ideas, and watch presentations.
I have some oceanfront land and a two-story Mediterranean mansion in Second Life where the first floor is a virtual store where you can purchase 3-D Internet adverting (paper models). My three developers meet me there from time to time to discuss projects and design ideas. They are in Ukraine and I have never personally met them other than our time in Second Life.
Upstairs in the amnion is the virtual office of The Social Media Bible. I use this space for commerce, meetings, presentations, or sometimes I just go there to hang out.
Stop by! Like nearly all social media, it's free! Come by and feel free to look around. Read the first few chapters of The Social Media Bible, watch the video of my interview with Second Life's CEO Mark Kingdon, take my sailboat for a spin, get a free cup of coffee, or just lie back on the beach and enjoy the waves and the sunset.
To help you get a better feel for how tools and applications in this category might be of value ...