The article says Microsoft wants to create a new social network called Socl
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Socl is basically a social network with integrated Bing search functionality. It also includes group video chat, much like Google+'s Hangout feature. What it doesn't include is private messaging, no groups, no at-replies. It's actually pretty limited when you think about it.
For now, the project has only been tested internally at Microsoft, but that phase is now nearing completion. The project will go public soon, working with an invite-system. Technically speaking, it is a research project, so it might get killed of anyway, further cementing the idea: what's the point?