My network specifically scratches a personal itch by allowing extensive "profiling" of people in my social network. FB is focused on allowing self expression through an aging set of rigid channels (Wall, Games, Notes etc.).
My network will be based initially on letting you add to a user's profile with wiki-like ease. For instance, you'll be able to add private margin notes that only show for you on Friend A's profile. That's just the beginning.
Why people will use my site? Not sure, yet. More important is building a site I want to use! Hence my desire to add "passive" user profiles. This way, I can visualize my entire social network whether they exist online or not.
Won't be using #1 since I don't see FB as the solid rock is seems to be. Orkut tanked. Myspace died. FB is mortal, too.
I like #2 & #3. First, I must decide which schools to launch at and why. How am I to decide which locations are best for solid, explosive growth?
Another problem: Should I target HS students who are likely newer to FB or University students who have been on FB for years and have many friends?