Hello, I am a total mmo noob with the exception of Pocket Legends. In anticipation of SL coming out soon can someone help explain the functionality and benefits of being in a guild? Is is just a friend list that is categorized as being in a guild? Do you have separate "lobbies" where only guild members access? Any other info that would help explain would be appreciated.
Thanks!

p.s. Coming soon to SL, YYZoper, YYZengr, YYZcomm