@Chris
Thanks for the reply. I don't plan to have a huge user base at first. I know the registration would be in a double digit or low three digit number. Also, I intend to manage the website as much as possible by myself without making heavy investments into it. If it is good and worthwhile, it will grow. People will tell about it to their friends and it will grow that way, if it is good. My goal is to build it as good and attractive as possible, the rest depends on user response. Also, I don't intend to battle facebook with this, at least not right now, lol.
As for my niche, the website is generally open to all kinds of people, would best fit for an age group of 13-60. If the people above that age are able to operate facebook normally or easily, then they should have absolutely no problem with this site as it will be, by default, much easier to understand, learn, and operate.
MySpace and Friendster were already present and popular in 2004, but Facebook still became popular and beat those two social networking sites. Its not like Facebook was the last successful social networking site. Twitter came out in 2006, and I know many people who used to be on facebook all the time, but are now more active on twitter than facebook. So consumers don't mind new things as long as they like it.
Anyways, I know most of what I need in building such a thing is luck.
By the way, anyone else
??