If it's too geeky, it will never take off. It needs to be trendy and sassy, whether you like it or not. The "if we build it they will come" approach may shoot this thing in the foot.
On another note, are we putting data in control of the "user" or their "isp"?
This feels like the Kazaa or Napster of social networking, which can so easily be shut down by ISPs.
Lastly, people use Facebook at work and at home, and they log onto it from their friend's houses, their phones, etc. If it's all on my "node" at home, do I have to leave my stuff running all the time? That's not very convenient or green. And I don't want my bandwidth at home being eaten up every time my friends want to look at my vacation photos.
Anyway, kudos for the ambition, but the idea needs more time.