Multiverse is a Second Life competitor, in that it allows the users to define the online experience. But not only that, you get to build your own MMOG / Virtual World very easily and allow players to play them, hosted on the Multiverse servers. The business model is simple: there are plenty of e-commerce tools Multiverse offers World creators, and when these are used, Multiverse gets a % take of the loot. Now, how do you get people to play your World if it’s not a common world?
Anyway, it can hardly fail to have worse graphics than Second Life…