Is Home for PS3 going to be Free?

May be...

Some of it will be. The starter clothes and furniture will. Your custom studio also will. But you have to pay for any additional furniture. I doubt it would be more then about 50 cents per piece. You unlock certain furniture and clothes by playing games and earning trophys. This thing looks amazing. The open beta is released in November!

Yeah it will be available in a future update (not the store).

yes, except for some clothes and furnatures

ya it will be aviable in the play stattion store