Google already displays advertisements in the Orkut community pages and by opening the service to public, the real estate for advertising could increase several folds as we will see millions of new users joining Orkut and creating new communities.
Here's a link to my Orkut profile incase you like to connect with me on Orkut. There's also a community for readers of this blog.
Dreamchaser also has a detailed analysis of the new features introduced recently in Orkut like easy scrapbook management and friend search.
Mitanshu imagines an interesting scenario where Google starts displaying profiles from social communities in organic search results. Take a look at the screenshot above done by Mitanshu.
To create a new Orkut Account, click here - If you have an existing Google account, you can either link it to Orkut or create one from scratch.