Here, I'd like to give a brief on Cyworld's other services that are probably lesser known outside of Korea. These services are arguably helping Cyworld evolve from a rather closed, walled garden type of service into a more open service that's truer to the spirits of Web 2.0.
The Paper, in essence, is CyWorld's blog and content syndication service. Paper gives you a blog authoring tool so you can publish your "Paper", i.e. a blog entry. The authoring can also be done from your own minihompy as well as from a typical weblog interface. When you publish your Paper entry, it gets updated and delivered to all subscribers via RSS. (Subscribing to a Paper is just one-click away.)
Content can also be syndicated to form a group page, called "PaperZine" (the term apparently comes from "Paper" + "Magazine".) Below is a sample PaperZine called "Leaders are Readers" -- each author writes book reviews on his/her blog or minihompy ("the edge"), not having to go to and log into a specific site ("the center"), and yet when syndicated out, those individual reviews together form a powerful archive of book reviews. Edge production meets collective intelligence.
Cyworld Town is a minihompy-based service targetted for SOHOs and other e-commerce shops. Blogs, when properly used, can be a great vehicle for promoting and selling products. For example, products can be described in a much more friendly and people-centric manner. This is what the Cyworld Town is trying to capitalize on.
3. Club, Mini Ring, TeamPlay
Cyworld is a social networking service in its core and therefore supports various social networking features.
For starters, Cyworld offers the Club service, which helps minihompy users form groups. Club members can make use of various features of TeamPlay to effectively extend their online community into offline. TeamPlay offers features such as group scheduling and messaging, composing and sharing post-meeting notes, etc.
Mini Ring forms groups based on shared interests -- like 43things.com does. From the latest list of Mini Ring tags, I found this: "Those who don't divide Ramen into two pieces before cooking it."
Mini ring tags
It's reported that folks at Cyworld are busy launching the service outside of Korea as well. US and Europe will see their versions of Cyworld pretty soon. In fact the guy who's been spearheading the Cyworld US development happens to be my college buddy so I'll perhaps twist his arms and get some interesting inside stories out of him -- Of course I know until all things become public he'll stay tight-lipped.
PS. As of this writing, I'm getting a news that CyWorld is launching an online auction service. Beware, Ebay!