How good is Orkut?

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When i came to know about Orkut, i had a negative feeling about it that we have post "SCRAPS" in individual profile, add them, join communities, speak out and its completely public. Absolutely no privacy... Later on, i looked at the positive side of it. I got to meet those old friends whom i lost touch with and started having conversations about that... so, how may of you feel that its really a good way to communicate or is it just another waste of time???