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First, the site is quite slow, but this might be due to a problem with my connection. Then I don't think the transparent bar at the bottom of the pictures is a good idea. On the second one, for instance, the text can be read only with difficulty. ("the best way to keep your friends..") The site stats seem a bit too much; maybe you could cut them to the most essential ones (do you really need "online this month/this year"?). And perhaps combine them with your latest news. What is the reason for the CNN newsfeed? That is random. If at all, it should definitely be below your own site's news. There's a lot more to be said, but I'll leave that to others. Your site is pretty good, though.
The speed wasn't to bad on my end. The overall design of the site isn't that bad. I'm personally not usually a fan of brown themes, but yours is actually pretty good. I don't quite understand what the Ads section is for, do users submit advertisements there and others rate them? It's an interesting twist, but it seems kinda awkward to me, also seems like you would have a lot of problems with spam there. The CNN newsfeed is indeed very random if you're going for a generic social network. I think my favorite thing from what I've seen is the profile pages. I like the overall layout of the profile pages, and how it allows people to upload a medium sized resolution image right on the front page, rather then just a small avatar. I think the "Rate profile" box could be moved maybe be implemented at the top right of the page though, instead of having it's own section with just a rating widget. But overall, it is a good site. If I wasn't a member of way to many social networks already, I would definitely consider joining. Good luck to you!
While I was waiting for it to load, I made a coffee, you might want to invest in speeding your site up.