The MSN team have apparently been working on social networking features for MSN Messenger, Spaces, Hotmail, etc.

I dont know the details, but I'm hoping for something like LinkedIn meets Messenger...

If thats the case I think we may need a new limit on the number of contacts in MSN Messenger (300 wont be enough for lots of people).

Oh - in case you are interested one of the MSN Social Networking Product Managers blogged on it here.  I like this sentence the best:

I can only hope our users have as much fun using our software as we had building it.

It has a certain past tense ring about it doesn't it... :-)  I think this will be really exciting.  I'm looking forward to the next two months!