The look & feel reminds me of a web page UI. I would be very happy if a WebKit browser is in fact running in parallel with the game. They can make a seamless web + 3D game/app now. e.g., We should be able to surf and play an embedded game on the same web page, then expand the embedded game into full screen. Zoom out into the Playstation Home meta-world, participate in some web based lucky draw. Compare trophies with friends, and chat with a random PS Home crowd together with a real-life buddy, launch into another game with the whole lot of them.
With 8GB, it would astonish me if they didn't have WebKit continuously resident in memory. Heck, make the entirety of the user interface an HTML 5 app why not?
Was disappointed that there was no mention of the underlying software stack in the conference. I was hoping they had partnered with Google to support Android apps on the thing. It's nice they'll have PlayStation Mobile and, presumably, full HTML 5 apps, Chromebook style, but having a great apps story is the biggest vulnerability I see for them (possible price aside).
Heck, even if they don't explicitly partner with Google now, they could still put an Android app execution environment on it at any time they wanted, a la BB10 or Kindle Fire.
Having that 8GB gives them a lot of room for new features for the entire lifetime of the system, thankfully.
And I even think the Gakai-based video sharing features will be impressive enough for them to convince folks to pay a monthly fee for their network features.
A good job, Sony.