A small dev team by the name of Loot will be releasing the program later this month, and it will allow users to create short machinima videos using Home's assets. Locations, characters and items, you can even do stuff in front of a green screen.
This Summer....from the makers of "Loading..." and "Standing Around"...
How it'll all work, exactly, is still a little unclear, but hey, we've got a few weeks to find that out.
This just in: Machinima tool about to be released for PS3 Home [Machinima For Dummies, via Joystiq]