>When i try to think of what my ideal social media would look like, it always ends up sounding similar to an RSS feed, with the ability to lookup and requiring the other user's approval to get the actual content, you could use different clients, some could give you recommendations for events,etc based on your subscriptions if you so choose, or just run your own locally. life would be so simple

Up until you get to "different clients" you're basically describing classic Google Reader.