Exactly. I've wasted enough time sorting/adding/customizing Facebook and Twitter with contacts and preferences. If I could have it point to them and be done with it great but I'm not starting over again with Ping sorry.
I have an account on GoodReads because I read books, and I have a couple friends on there via some web forums. But it's been insanely difficult to get any real-life friends, even those who read regularly, to sign up on the website. It's a straightforward site, adding your books is easy, and you can rate and comment on what your friends are doing, so it's not because it's complex. As far as I can tell it's because it means you have to go to a website and tell it what you're doing.
Ping has an advantage in that iTunes keeps track of that stuff for you, to some degree, but it's so focused that there's a similar hurdle. People like Facebook because you can post about your dog or kid, or you can post about a political topic or a cool new thing you learned. You can add links and pictures, which is what most people want to see from their friends.
Ping requires me to load it up, arguably when I'm in the mood to find new music. There's nothing in there for just keeping up with friends -- I would need to be intentionally curious about what my friends are listening to (which seems like it would only apply when I first ask them to be friends) or when I'm intentionally shopping for new music (which is Apple's intent).
The thing that I think upsets me about Ping is that it seems like it's Apple's band-aid to the otherwise terrible shopping interface for the iTMS. Since you can't sort easily, can't search easily, are sandboxed so you can't use Google or open tabs, can't see good recommendations or non-MP3 releases, they figure that rather than changing that (by, say, making a web store), they add a layer of "social networking" on top to help people find music. How about fixing the interface so I can find music without relying on my friends?
One thing that makes me really curious about Ping is how well it will work with non-iTMS music. If I buy music from Amazon -- that may have slightly different song-lengths, song titles, or genre classification -- will iTunes recognize it for Ping? Genius doesn't currently, especially if I correct the ID3 tags (such as removing "Feat. [name]" from the Artist tag), which makes me think Ping won't either. The more I think about it, the more Ping strikes me as something they thought up when they realized that Genius sort of sucks.