Could it be that the much-hyped Second Life is nothing more than a giant Ponzi scheme, predicated on cybersex and virtual gambling? This article makes a pretty interesting case that Second Life is a good old-fashioned Ponzi scheme, which suggests that corporations clamoring to look hip by entering the virtual world have no idea what they're getting involved in. The "Hey, look at us! We play in here, too!" crowd reportedly includes IBM (NYSE:IBM) Nike (NYSE:NKE), Sony (NYSE:SNE), Sun Microsystems (NASDAQ:SUNW), ABN Amro (NYSE:ABN) and others. Could the press, stumbling over itself to be the first to give us a glimpse of the new, new future, be missing the forest for the trees?

Naw, I'm sure they're all too smart for that.

But I do note that on the Second Life home page, there seems to be a lot of emphasis on the promise of building virtual fortunes. How much would you be willing to pay for an island in a world where creating more real estate is as easy as clicking a mouse?

Comments? Bring them here.

At the time of publication, Seth Jayson had no positions in any company mentioned here. View his stock holdings and Fool profile here. Fool rules are here.