Open source is getting really fun! Buddypress shows just a sliver of it’s potential.
As an add-on to wordpress, it allows one to quickly create their own social site after a pretty simple install. They can build a community where members can create a blog, chat with other members, build a profile and much more. It’s going to be interesting to see what kind of ideas and destinations evolve from this new (and free, of course) tool.
Take a look– it doesn’t have everything one may want, but it’s a great step in an open directions.