I like the layout of the site. The text is too close to the left/right sides. Adding the same spacing that's at the top to the other sides would help improve readability.

The functionality is pretty basic though. =(

I'm not sure what is gathered here that couldn't be done within an existing system like Ning, which already has a large user base. That would give you an installed userbase to help pull from without having to get people to register for yet-another-social-network.