Oxwall script - what do you think about it?

Hi everyone!
I found an email in my mailbox with a link to some sort of a free script for social networks called Oxwall. Had a couple of minutes to read through the email and it seemed quite interesting to me - product is free, PHP/MySQL based and open source.
They have a hosted solution where you can play with the software, but you’ll get access only to front end part of it (including Admin interface). I created a network for test purpose and what can I say - it seems to be good. But I am curious if this software worth installing on the hosting server and spending time on creating full fledged website with promotion, custom design, etc.
So I want to ask SP members if anyone tried this product? If so, please share your experience. Probably I should create twelve thousands websites on oxwall or should I run from it on top speed?
Waiting for your suggestions. Thank you in advance.

Oops, forgot about links, lol.
http://www.oxwall.org/ - their main site
http://wall.fm/ - hosted version