Personal User Pages?

I’m looking to create personal “pages” for my users.

General idea:

User signs up.
User is given their own “page”
This “page” will function like a facebook/myspace page, for example the user will have a blog, profile, likes/dislikes, etc…
User could then submit their blog posts to a queue that will be moderated (or not if you’re a “trusted user”) and appear on the sites main page.

I run a gaming site https://www.WiiNintendo.net and I think this added functionality would give my visitors/users/fans a place of their own on my site.

Is there anything out there that people have tried that works like this? plugins? discussions?

I’d love to contribute to this idea or find others who are interested or have already done things like this.