I've always thought that a novel approach would be a social media company in a cooperative structure - where the employees and users are also part owners and would have a say in some of the decision making, as well as sharing in the profits being generated from the information published by the users.

This is probably a non-trivial thing to do correctly, but after reading The Dictators Handbook I think that the power structure contributes significantly to behavior and think a social network structured more similarly to the Green Bay Packers operate would create a better system than Facebook.