Elgg announced version 1.1 about a week ago. We looked at Elgg a while back when it was young and a bit more education-centric, but it has matured into an open source platform with a good adherence to standards such as OpenSocial and OpenID, as well as an API. Feature-wise it still falls behind some other platforms like phpFox, Handshakes, or Dolphin, but the price is good and the look is clean.