Idea sounds good, name of the app is also cool, but best of all the idea will definitely appeal to all investors wanting to be the next tech billionaire, the timing is perfect for this kind of thing. FIND INVESTORS. Meet face to face, sell the idea as the next billion dollar social network. Get a million or more to spend on ads and boom. Easier than you think, at least that's what I hear and what Gary Vaynerchuck claims.
Also, chat needs to have cool stickers/emoticons, like fb, this is huge imo. This will be one of the more costly parts of this idea.
BTW, rumor is facebook is not that cool among the youngsters anymore, the fastest growing demo on fb is 45 y.o ladies. Not that this much to do with op's question.