At the Eduverse Symposium Dr. Torsten Reiners of the Hamburg University (a.k.a. Xon Emoto in Second Life) gave a tour of the virtual Campus Hamburg. The island is still in development, but there are several spots that are really worth looking at. Upon entering the island you immerse at a very nicely designed auditorium.
Although I'm under the impression the simulation isn't fully finished yet, it contains several student projects. The largest project (both in terms of decorum and potential imho) focusses on Supply Chain Mangement.
While building the simulation, the students must have been frustrated with Second Life at times, and have made several jokes as you'll find containers like "Linden Lab - Bug shipment" and "Prims R Us - Butt Uggly Plywood Prims" on the ship.
The second simulation is on top of the supply chain area and is a project on waiting lines. It simulates how queues are formed and how they can be designed.