Having just joined second life, it’s a real interesting experience living in two worlds at the same time, and having two identities as well. Anyway, the interesting bit on the educational side is that you can have a lecture on second life, although you have other lectures in the other world (the real world), which is cold, second life is a great way of learning, not from just those you know but from other people as well.
Second life is actually good if for example, there is a clash in a timetable that will cause some students not to make it to class, you can just organise a time to log onto it and you have your lecture there. Some universities are actually known to create the same building or lecture room as the ones at the university, and have a lecture. It is also a very good idea to those students who live far away. Videos and audio recordings can be uploaded onto second life, aiding to teaching and learning.
Another factor that is very beneficial about second life is that, you are able to communicate not just with fellow students but also with students from other countries. You can also meet other lecturers there who will give you their own point of view on something.
Also the fact that you are not only using it to socialise or have a lecture, but actually get a job etc, you can get experience in that job, and when you now come to the real world, you have a bit of experience on things like, running a business, working in a bank etc. You can actually get ideas on how to do certain things in a relaxed environment.