Shelfari lets you fill a display shelf with the books you’ve read, want to read or are reading now. Then you get to be a critic by rating and reviewing your choices. It’s a social networking site devoted to reading. You can invite friends, start or join a group and share recommendations with others.Better suited for school use is booksprouts. Your club votes on what to read next, or the founder (you!) can choose the book. You can add members by ‘Invite Only’. You can schedule a live meeting, too.

The granddaddy of them all is LibraryThing. There are more then 5500 members in Librarians who LibraryThing, a user group formed in July of 2006.
"Web application LibraryThing lets you catalog all the books you own and use tags to organize your collection. Add book titles by entering a title and viewing search results from the Library of Congress or Amazon. ... LibraryThing is an impressive cataloging app that feels like del.icio.us for books." lifehacker