CalendarFly - A new social networking company

I met Drew Aldrich for lunch last week to discuss his new social networking company - CalendarFly. His premise is that he can offer both a scheduling/calendaring/workflow functionality and combine it with the traditional social networking functionality and market it to schools. He thinks that there are a couple of businesses in this market but that they are all much too expensive and that public schools will not be able to afford an offering such as this, especially in this economy. He hopes that he can offer both better functionality as he is creating this tool using better technology (instead of 5 years ago when the competitors architected their solutions) as well as take advantage of an advertising based revenue model to offer it to the schools for free. It is a very interesting concept and opportunity if his underlying competitive research is correct. My concern with business model is that it would seem that a facebook affiliate will create the functionality and then dominate the market. Drew's thought is that schools are so concerned about facebook, that they would support an independent 3rd party. He is going live with a POC school system next month and it will be interesting to see if it gets momentum.