Wallop, the San Francisco social networking startup that was spun out of Microsoft Research Labs earlier this year, has raised $10 million in venture capital with an ambitious plan to become the latest cool social networking company.

Wallop says here that its features set it apart, but if you go through the list they seem more a listing of best practices we’ve learned over the past year from social networking. If following a recipe is all that requires success, perhaps they will pull this off. But our hunch is that you need something more than that, so we’ll wait and see what emerges.

Investors include Norwest Venture Partners, Bay Partners and Consor Capital. Microsoft also has a stake in the company. See our previous story here.