Andrew, about the topic of this post, here's my opinion:
Questioning whether feed should be implemented on a social networking site is a question that comes...a couple of years later than what the market is currently offering.
I mean, feeds have to be shown, they represent a normal, logic (and technological, read web 2.0) consequence of online interaction on social sites.
I'd like Dolphin to offer a customizable live feed module, working pretty much like the Facebook, LinkedIn, Live and many see more other sites: posting on wall, commenting, like option, show all/friends only activity so on and so forth. So that each one of us could reshape and customize it as they like.
Right now I think only IDBW offer such a feature, works great, but code is encrypted and pretty much useless in case of real (read: commercial, working, business oriented) community websites, where customizations are needed.
I'm currently orienting my work on either customizing 3rd parties non-encripted modules or developing new modules my self in plain php so I dont have to depend on others work too much.
This might seem I'm getting far from Dolphin and probably is. As I alredy commented on other posts, depending on a script which requires a total re-coding for customized site when upgrades are made availble, is -to me- totally useless.