Social Networking is a broad term that can mean different things to different people. Instead of talking about Social Networking, let's instead talk about specific social features that people want and which provide value to sites both large and small.
1. Taxonomy - This is the ability to group items into pre-defined, heirarchical categories to create relationships between various pieces of site content. Taxonomies provide natural navigation structure to data elements. Taxonomies naturally occur in blogs, forums and even sitemaps.
2. Folksonomy - This is the ability to provide ad-hoc, user generated, linkages between various pieces of data. Because folksonomies are more organic, they tend to be easier for people to search since the terms are user generated rather than being pre-defined. Folksonomies also help to uncover hidden relationships between various pieces of site content that might otherwise remain hidden.
3. Comments - The ability for people to make comments on a piece of content allows conversations to form in the context of the data that is being discussed. So instead of searching for a particular forum to build a discussion around a topic, you could do so inline with the particular item being discussed.
4. Rating - Ratings provide a qualitative measure of some site element and aid visitors by allowing them to get a snapshot piece of data which is easily digested. Where comments are useful for deep understanding, ratings are useful for making the initial decision whether to spend time reading comments.
5. Ranking - Unlike Ratings which are made in a vacuum, where each users prior experiences may sway their ratings, rankings provide natural context that helps resolve issues like "grade inflation".
6. Sharing - This capability allows users to selectively provide content to members of their social graph or to even open that data up to a broader audience. Sharing is one of the primary means of bringing new, user generated content into a site or linking to content which may exist on other sites.
7. Social Graph - The social graph provides a means to enable users to form relationships. For many sites, these relationships provide means whereby content is shared or business is conducted. In some implementations, social graphs when combined with other social networking capabilities provide the human portion of the equation which can become extremely valuable.
Different sites will want to be able to use different portions of social networking features. Some have simple requirements like taxonomies (this already occurs in a simple form on every DNN site since the page structure forms a natural taxonomy). Others might want to allow users to leave comments or ratings for elements on the site - this is especially valuable in ecommerce sites. Still others will want to have comments and folksonomies because they make heavy use of blogs Others, which are about community building, will want the ability to have social graphs.
While all of the capabilities currently exist in one or more modules they are all created independently. The true power can be seen when everyone is using a common API to store and retrieve these elements. An ecommerce site that allows tagging of products can now allow users to naturally link from a product to a blog which may be talking about a competing product, or that may be talking about a general topic. The module that runs the ecommerce portion of the site may not know anything about the blog module and vice-versa, but because they are using the same underlying APIs a linkage can naturally occur. This is just one of thousands of scenarios where adding social networking features can be useful for sites both big and small.