@ white noise:
Let me explain a bit. I think most people misunderstand the basic point of it all (and why I + others are so excited about it) -
Second Life is a platform, plain and simple. There are many, many different islands/regions where owners build whatever the heck they feel like. Some islands (very few, I believe) actually look to mimic real life. Some are slight modifications (like nightclubs, etc.) I, frankly, don't visit those too much because I prefer the real thing
But then others are gaming islands. There are racing sims, flight sims, RPGs, and so on and so forth. Saying Second Life is for mimicking real life is basically like saying, in the early days of the internet, that the web is just for mimicking newspapers - so why would you need it? No, no! The web became a platform for anything 2D you wanted to share (witness flickr, youtube, wikipedia, and so on and so forth). SL is doing that for 3D.
Just think, when was the last time you could easily send someone a 3D model (without them needing a very expensive, esoteric modeling package in kind to open it)? Or mockup a project or terrain or whatever the heck you wished in realtime? It really hasn't been done.
A well known secret about Linden is that we're building a platform, Second Life is just one permutation of it. Sure there are flying penises and furries- look at what boosted the early days of the 'net

The only issue up until now is that the experience (graphically and performance-wise) has definitely lagged behind what this type of community has come to expect. Once you have a team committed to sticking in the right production value, tools, and tech, just watch what's possible. Here's a little example (no it ain't games-related, but shows what you can do with so little with such a platform:
http://youtube.com/watch?v=LxVDVggLqsA)
And now to bring it around full circle - look at what we've done up until now- you *really* think we'd trade it all in for cheap low-polycount porn? Come on

There's gold in them thar hills, and I don't mean from an economic standpoint.
Remain faithful, all. Good stuff's a' comin!