Social networking websites, a virtual community?

Facebook, mySpace, Bebo and all the rest of them, there is often something innately depressing about using them. Maybe, it's the fact that the majority of people I actually want to keep in contact with I will either speak to on the phone or actually see. It's almost like some kind of virtual marketplace of strangers each trying to outdo one another and creating some crowd like virtual network of friends and acquaintances all exchanging small talk.

is this the modern equivalent of a pen pal? only more instant and trendy, or perhaps just more interesting than the antiquated past time of writing letters and using the postal service! I guess since none of my friends really use computers or have any inclination to join this social networking revolution, it is kind of passing my by and I'm more of a onlooker than a participant.

I guess it's the modern day interpretation of a 'people watcher' :)