I still believe networked blogging, ala livejournal, is the most incredible social networking format that has been created, but it has serious social drawbacks since it is only inclusive to a select group of people who are of the creative class. This, however, creates a special environment that is lively and important.
I will spend the next day trying to think more deeply about how this medium has changed, and become a different space and how it relates to the internet as it has changed in the past 5 years since I did my 5 year analysis of the state of livejournal.