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My guess is "Sharepoint that doesn't suck".

Facebook is all about the flow of information in a personal setting through the use of your social graph. Apply the same thinking to business and collaboration. Sharepoint is microsoft's fasting growing product ever (more than office or windows). It's also a 10 figure revenue stream with 100 million+ users. Like most MSFT products that sell well, it absolutely sucks balls like you could not believe. I spent 2.5 years working on this problem, and it's a pretty big one. I really hope these guys tackle it and succeed to their fullest extent.

They were very talked about when Moskovitz left Facebook to start it. They're basically doing Facebook-for-enterprise.

so a better linkedin?

i believe the focus is on collaboration

"The challenge of groups of people working together effectively is fundamental to human endeavor"

I think we can safely assuming they are tackling that challenge :) It is really difficult to see past all of the fluff on that site though.