TeenFaze is a new social network focusing on the things (called "shows") that matter most to teens: music, fashion, advice, sports and movies. Here's the official community description from their About page:
"TeenFaze.com is a site for each and every one of you who is now experiencing life as a teenager. It’s your first step into the world of independence and we want to keep you informed about all the cool stuff going on out there that awaits your personal taste and choices."
While this is a relatively new site, it already has a great deal of advertising directed toward filling the wants, needs and "personal taste and choices" of their teen audience (and their parents). Disney, in particular, has several movie promotions on TeenFaze.
One of the more interesting aspects of TeenFaze is that some of the content published on the site is created by "real live" teens. TeenFaze is also offering internships for college and high school students to contribute editorial content for the site.
In an effort to engage users, TeenFaze has a "Rewards Points" system where users can garner points for participation an in turn, redeem them for prizes. Points are accumulated by posting the TeenFaze forums, rating a post, or selecting a post as a "favorite."
You are also able to download images or media that other community members have uploaded to their TeenFaze page. These pages don't contain any information regarding copyright or how these images can be remixed or reused in derivative works. One way to easily address this issue would be the integration of Creative Commons licensing into TeenFaze.
Another issue, in terms of social networking safety, is that you can't flag or report abuse in the forums or other areas of the community. There should be explicit avenues for TeenFaze members to report abusive behavior, speech, or cyberbullying.
[5/21 Update: I was contacted by Darren Polish at TeenFaze and he pointed out that there is indeed a link to "Report Abuse" in the TeenFaze forums. My apologies for overlooking that safety feature. TeenFaze has also added several new safety features, which are outlined here.]