Only a few short days since its removal, update 1.5 returns voice chat capability to PlayStation Home, albeit with a few important limits to keep the feature from being abused.
Rather than just having folks running about the public areas spouting profanity and using their internet anonymity-based bravery to hit on women (or in most cases, men dressed as women), voice chat is now wisely confined to private spaces. This includes your own personal spaces as well as clubhouses, which are the Home version of guild halls.
After some of the things I overheard during the dark period before this change, I applaud this move with every ounce of my being.
Voice Chat Feature on PlayStation Home Resumes [PlayStation.Blog]