I will say that social networks like Facebook have introduced some interesting dynamics and engagement that could have not existed otherwise such as Caine's Arcade.
I think we're all waiting for the social network we all want and pay the $10-$12/year for privacy, transparency and complete ownership over our data.
I'm currently working on distributed systems/networks which could form the basis of a 'social graph' but there are questions about how to make it profitable (hence self-sustaining). Getting people onto a network is only part of the problem.
The main issue is that the cost barrier stops people from signing up just to try it out, in in that sense that app.net really ought to have a 'free' tier. Even if it was particularly restive, it would let their users get a feel for it before paying.