Feedbuddy is a social network that was bound to happen: one built around RSS feeds. It's actually not a bad idea. As the site says, "subscribing to and reading special RSS-feeds characterizes you and your very special interests." Or in other words, the type of feeds you read has a lot to do with what interests you, so it follows that anyone with a number of feeds in common will likely be someone you share interests with.
In practice, however, Feedbuddy isn't much of a social network. The site is dead simple, and probably shouldn't be categorized as a social network at all. It's more of a rudimentary matchmaking service.
To start at Feedbuddy you simply upload your OPML file or add feeds manually to your "feed profile." You also have to enter a contact method, either your Skype name, Xing profile URL, or web site address. This is important because the site doesn't actually have any interaction features, so if you want to contact any of your matches ("feedbuddies"), you'll need to do so through one of those three methods.

The limited choice of contact methods is a bit odd, however. A true social network needs a way for members to contact each other on site, and the off site methods Feedbuddy supports are not only too few, but strange choices as well. The site is from Germany, which might explain why Xing is supported over LinkedIn, or Skype instead of another instant messenger... but why not both business networks, or more than one messaging application? Adding support for other contact methods -- at least insofar as the site supports the current lineup -- would only be a couple of lines of code.
Feedbuddy has a good idea; matching people's interests based on the feeds they read makes a lot of sense. But as a social networking site it seems rather half baked right now, and it feels a lot more like a feature than a full on web site. I would suggest the Feedbuddy crew consider creating a Facebook application. That would not only solve the problem of being able to contact members through the site (users would just utilize Facebook's system), but also might expand the userbase, which seems a bit tech-centric at the moment, more rapidly and allow for more meaningful matches.
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Seems to me that it's just a "feed exchange" or is at risk of becoming one. What happens when everyone's feed numbers are bloated with non-interested subscribers?
Link exchanges aren't the best ideas and I don't think this one is much better. The net needs less artificial hype than more IMO.
Awesome Idea. Who wants to bet that it will be bought by either Google or Yahoo.
For those interested in feedbuddy, you may find something appealing at feedbite. It has a similar audience.
I built Clickables - a google gadget with similar rational last year. Its in http://venkks.googlepages.com/
It seems like this is very similar to friendsfeedme.com - a polish startup using facebook api made recently by guys from yashke group :)
Profilactic already has a similar feature called "Likeness" where it looks at the sites you have in common, the friends you have in common and any content that you share (i.e. did you digg or bookmark the same items).
http://www.profilactic.com/mashup/smorty71
Also looks similar to Share Your OPML.
After a lot of blogposts like this one requested a facebook app, we sat down and did what you wanted:
There’s a feedbuddy app available in facebook now! (visit http://apps.facebook.com/feedbuddy)
Of course still beta (alpha?), but already usable :-) Try it out and find more of your feedbuddies in facebook, too!
Greetz, Marion