More to be announced later today. 

In short: set up by Pete Lawrence (Big Chill founder) and will be a paid for service (tenner a month) aimed at people frustrated by Facebook and privacy. Although it isn’t trying to compete with or be the next Facebook it will fit nicely in the mould of "Small intimate events are where [Pete Lawrence’s] heart is."

More importantly they only have a rough plan of where to take the site, with the idea that the direction be proposed by the community members. An additional foundation will keep a percentage of revenue to reinvest in deserving projects and start-ups. 

http://picnicvillage.com/