This one claims to be designed for teens and if you watch the video on the homepage, it does look as though it will appeal to that age group.
It looks like each person will be able to have their own room which they will customise. The graphics look nice and there's a good level of customisation of the various rooms. They are boasting both voice and text chat and the ability to create audio playlists and videos in the rooms.
Anyway, this could be one to watch if you're looking for an alternative to Second Life.
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