Email essentially IS centralized at DNS. Any decentralized social network has to solve the lookup problem: how do I find people. None really do this in a way that's going to make it fundamentally different than what we have now.
I can't help feeling that the natural outcome of decentralized social networking is that people eventually start hosting them for mom and dad, then a few friends, then start companies, then we are back to facebook. Someone, somewhere is going to have to have a database of names mapped to servers.
Centralization is, in an abstract way, present in so many of our social structures, that yes, I disagree that within a capitalist economic structure (one which is optimized for sharing of services rather than individualism, ie: non-technical users simply wont do this unless the work is done for them, like facebook did) it would be next to impossible for something like this to work.
People quite simply don't want to deal with this shit, and centralization brings efficiency and management amongst many other things.