After having a quick look at the resources for this activity I can see how it will be easy to become involved in a virtual reality.
This isn't something that I can see myself using at school for a number of reasons. The lack of control over the content that would be inappropriate for high school students as well as the lack of control over who the students are talking to are two obvious problems. However the educational benefits in economics, social skills, property management would be great.
I can see that this would be a wonderful resource for students who are studying at a higher level. For example, I completed one of my Bachelor Degrees as an external student, through a university located in a different state. To be able to communicate in a more persoanl online setting such as Second Life and being able to connect in a casual setting in real time would have been a much more enjoyable experience for me.
You must excuse me now as my other life calls =)