Isn't that thing called Netlog after a name change some time ago?? aaah no, that was Facebox. Whatever, they're all the same crap to me.
Pre-Yahoo! Geocities was as close to a "virtual community" as it got, with all of those neighborhood concepts and such. Livejournal was doing the blogging stuff eons before those dudes in MySpace turned the thing into a freak show. And social "networks" were pioneered by hi5, for all I know. None of these appear in the social networking craze hype of these days.
In my opinion, social networking sites have grown too much, too annoying to be useful for anything anymore; even my friends have told me that hi5 was a "nice idea" but that it sucked when everyone else started to do the same.
Sad thing is that now even Youtube is jumping on the Social Networking bandwagon... now you don't just read other sad people's musings, you WATCH them musing on screen!