"Life" was demoed for the audience for the first time — the service shows the Earth, and users can access current news and weather for locations around the world. It's possible to even pull up the full article from the headline. Users can also set background music while looking at the Earth, checking the weather and the world news.
They basically copied the Wii weather channel. It's funny because I just got a Wii and after checking out the weather channel and being halfway impressed I hoped Sony would add something like this in a future update. It looks like they've improved on it, mainly visuals but still "neat" nonetheless.
No date has been announced, or at least none that I know about yet.