It would be nice to see a sample of what you get before you have to sign up. But I'm assuming this will have the same problem I have with every other new service like this, the content just isn't interesting enough to make it worth the while.
For a while now, I've been working my way through the reasons why I don't like the current state of social networking with a series of little social coding projects. Pond is the latest one - it's sort of like a newsletter, sort of like a patently simple social network.
A lot of my trouble with social networking comes from the anxiety of the 'feed', and with Pond I'm trying to find a balance between the constant stream of information and, uh, absolute silence.
You send Pond your posts (Markdown-equipped), and once a week you get back two digests: one digest with every post sent that week, and one digest with the posts of the people you've chosen to follow. That's it!
I've been thinking through similar disenchantment with social networks and content distribution. Going back to simplicity with something like this is a great idea.
Also, nice use of "lo-fi"! Thinking of recent projects as lo-fi has really helped me keep to the simple path.