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Our growth has come at a cost which you felt, and still feel - platform stability, viewer performance, lag, inventory management, etc. It’s important for you to know that we are ALL OVER these problems and that we’re making progress.

Our next viewer, when it comes in full release, will offer a much better inworld experience. With more than 50 crash fixes, you’ll have fewer viewer failures and we’ve fixed some irritating elements in the interface.

m top to bottom – recognizing that new users don’t need such a dizzying array of features, and experienced users, land and business owners and content creators need better tools that are more thoughtfully designed and organized for their needs. Everyone needs better inventory management and search is due for an overhaul. We hear you. We’re on it.

We have redesigned and rebuilt the registration process to make it easier for new members to join. Although it is still in testing, we’ve seen a significant improvement in registration levels. Significant. That, plus press attention outside the US have allowed us to hit some new registration records for the year. Very exciting. In addition, we are reworking the first-hour experience for new Residents to help them become more quickly acclimated and connected to Second Life and able to enjoy the richness and experience earlier.

In addition, Torley Linden has produced a library of 150 video tutorials designed to make it easier to do everything from teaching new Residents basic skills to putting media on their parcel. The videos are currently displayed on the blog and organized by category for easier consumption.

Support continues to expand its services to the Residents; in the last quarter we have redesigned the Support Portal interface in response to your feedback, to bring key components of our service front and center so they are more accessible.

Second Life is a global phenomenon. Reuters estimates that only 31.2% of active Second Life users are U.S. residents. The majority of active users (more than 54%) are from Europe. Second Life usage is so pervasive in Korea, for example, that it is beginning to impact the country’s social agenda, according to virtual world expert Edward Castronova.

In a recent interview for National Public Radio Weekend Edition (www.npr.org, Feb. 9, 08), Bloomfield described the basics of the Second Life economy and the real financial losses from the recent Second Life banking crisis. (The currency used for economic transactions in Second Life is called Linden Dollars. Linden Dollars can be exchanged for real U.S. dollars at a rate of approximately 260-to-1. Last year, Linden Lab banned online gambling operations that had become popular in Second Life. Early this year, Linden Lab banned unregulated banking operations in Second Life because several banks were reneging on unsustainable high interest rates on deposits.) Bloomfield attributes his initial interest in Second Life to its potential use as an economic simulator in which reactions to new financial regulations could be studied by FASB.

Professor Steven Hornik, of the University of Central Florida, is another accounting professor exploring accounting education applications. He created a Second Life location called Really Engaging Accounting and maintains a blog about his efforts at www.mydebitcredit.com. In his financial accounting course, he uses the social networking capabilities of Second Life and interactive 3-D objects that he creates. The objects demonstrate basic accounting principles. One simulates the effect of transactions on the basic accounting equation. Another simulates the use of T-accounts to record changes to account balances. Students use their avatars to manipulate the models. Videos of his Second Life creations are available on YouTube (search “second life accounting”).

SUMMARY Second Life is an immersive and engaging 3-D virtual world with economic implications and opportunities for the real world. CPA Island is the current center of the public accounting profession in Second Life, but this won’t be the case for long as other CPA firms choose to use it as a tool for meeting, connecting, sharing and collaborating with others. Where business activity goes, it seems certain that CPAs will follow.

Signing up to Second Life is more like taking someone who has basically no computer experience and saying "learn the internet" - there are lots of steps along the way, moments that are critical to whether they will continue or not, but there are lots of skills to go from seeing your first web-page to signing up to a forum, RSSing a blog or two, generating a web-page with HTML, CSS and jquery... and that's the challenge of learning Second Life.