Please review my personal project site......
the site url: jamafriend.com
the site url: jamafriend.com
I'd say hold off trying to monetize - take a look at Facebook: it doesn't cost a penny to use the service, all ad driven. If it's easy to stick a Google ad in here and there, go for that.
Also, for creating the blogs - I would suggest taking away the requirement of contacting an admin to gain access. If you really want people to come back often, let em blog as much as they want. If you are fearing that the spammers come by, delete them - it's your site!
One minor design nit-pick / feedback - the mouseover menu items - could you make them a bit bigger? Kind of small targets.
This isn't the early days of social anymore. What makes your site different? Why should a person use your site instead of Facebook, LinkedIn, Last.fm, Flixter, etc. etc. etc. etc. etc etc. oooh the list goes on and on.
This doesn't mean there isn't an opportunity for you, but if you have something that nobody else has, it is not readily apparent to me from what I can see from your home page.
You may have to allow people to discover some of the non-social content (you list news, sports, etc) in order to grow visits and get people interested.
I don't see the reason to put that behind a sign-in wall