Home for PSP is called PlayStation Room
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Sony's Home service for PSP has a name, and it's called PlayStation Room.
PlayStation Room will be added to PSP via a firmware update this winter and can be launched directly from the PSN section of the XMB.
PSP owners will be able to invite other players into their rooms to "enjoy real time communication."
Joystiq has all the details and some shots.
Thanks, Aimless.