You heard it here first--now Techdirt is covering the "Social Networking as emerging bubble" story.
Among the interesting tidbits is the cross-board membership between Friendster and Plaxo: Tim Koogle and Ram Shriram invested in both.
In other news on the Social Networking front, former Internet millionaire Thomas Leavitt reports that Arianna Huffington is now on Friendster and using it as a campaign tool. Apparently, she's a big Eminem and Missy Elliott fan. And no, apparently it isn't a Fakester.