BuddyPress.org

I create themes for SocialGO. It’s a robust hosted social networking solution. If you just want to pay a reasonable monthly fee and have someone else handle the backend it’s a good choice. They are currenly working on V2 of their platform that will allow more customization.

Two things SocialGO has that BP does not. Media (pics/videos) and privacy controls. You can add these options via plugins.