I have also been working with this, the UbiBay, a secondary project of TheUbiMall.com. It's basically a similar virtual shopping mall as TheUbiMall.com, but with a more ”traditional” look and navigation. The idea is of course to combine internet shopping with virtual social interaction.

You can view the site at UbiBay

Your first impressions?
Does the site load fast enough?
Is it an interesting concept?
What have I done right / wrong ?
Should there be any additional features?
How about the graphical design, is it good?
Have you ever heard about UbiBay before? Where?

Ok, I'll reply directry to your questions...

Your first impressions?
The general appearance was good.

Does the site load fast enough?
Yes. No problems with it.

Is it an interesting concept?
Yes, I think social networking is a really hot word today.

What have I done right / wrong ?
Hard to say.

Should there be any additional features?
You have hot-or-not, blogs, shops? Should there be more?

How about the graphical design, is it good?
The general appearance was good.

Have you ever heard about UbiBay before? Where?
Reminds me of Ubisoft