My favorite thing in SL years ago was probably the Rantmedia studio that was set up to do live radio shows (which were also of course distributed as podcasts). It tied in the live audience experience with the text chat, and made for some ability to directly interact with the hosts.
Now, admittedly I've seen much of the same thing achieved with an IRC channel, as the graphics didn't necessarily do a ton of heavy lifting, but it was still a fun ambience. Which is really what Secondlife was always good at -- making some atmosphere for your online chat groups. There's the ability to pull in streaming video or audio as well, to tie it all together.
But yes, it's just a framework. It's what you make of it.