Danah, a PhD student at Berkley, is researching Friendster. You can tell she's a PhD student when she notes "I've really enjoyed watching the Friendster meme percolate," because who else would have the unmitigated gall to suggest that a meme can percolate, rather than simply brew?
She has a list of questions on her Friendster research page, that — even if you don't feel like sharing with her — may be worth considering for your own sake.
Full disclosure: Danah is a mere one Friendster step away from me, in three different directions. She also has a blog on which she discourses frequently about vaginae.