Project Diaspora* aims to put each node of the social network in the hands of each user and create the infrastructure to tie all these nodes together. You own your node, so you own your data. It's a little geeky since folks tend to favour ease of use (Facebook owns you) to privacy, portability and interop (bring your own server), but i very much appreciate the effort. You owning the data is, i believe, the way it should be. And if you want to, you may host your social presence elsewhere -- like on Facebook -- or just echo them elsewhere -- like onto Facebook -- but it's up to you. You own the content of your social network. You own the connections. It's yours.
The Diaspora* project team consists of four geeks, two almost graduated and two freshmen. They consider doing this as their summer project and had the mighty idea to ask for croudsourced funding using the Kickstarter service. They asked for ten thousand and with two weeks to go, they've already received nearly two hundred grand in pledges. But even though they already are funded, i chose to back them anyway, for their effort and for their full-ahead enthusiasm. I hope they find good use for my money too.