EDIT: or web banking!
* No golden reference for content.
* Updates are slower / content may not be fresh
* Peers may not be online at the same time that you are online.Can you elaborate on this? I am not sure I understand what you mean.
"Peers may not be online at the same time that you are online."
That is already the case now with social networking, email, IM, etc. I do not really see this being a serious problem -- P2P networks are pretty resilient to people going offline as long as some threshold number of people remain connected.
"Updates are slower / content may not be fresh"
This is certainly a problem, but perhaps not insurmountable.
About peers being offline: I am not talking about people being offline, but their systems going offline. Say I want to publish a photo to my friends. Their systems may not be available at the moment my system is online.
So let's say you wanted to build a social networking system on top of Usenet. Here is one approach:
* Use attribute-based encryption to distribute keys to your friends; this allows you to control who can see the posts you make
* To post, you encrypt, sign, and encrypt again your message; then you send it through a mix-net to alt.anonymous.messages
* Your friends all download from alt.anonymous.messages, decrypting those messages they can decrypt. Your signature tells them who made the post, and ABE ensures that only those who have permission to see the post can decrypt it.
You can imagine extensions for commenting on posts, or creating groups, etc. You can also see that Usenet is not really relevant -- any P2P broadcast system could be used.
I will read up more on Usenet though. I have used it but don't know its internals.