Just heard about this from Hiro White, hook that baby up with Facebook (so it puts your address for other nodes to connect to) and all your facebook friends can get onto you.
Yeah, a P2P Facebook alternative would be awesome. That way if you add 600 people you don't even know, you deserve the sucky perfomance.
Its been discussed here before about having a WOT enabled client, this project could well provide the framework.