Digg is currently down right now, but when it comes back up at some point today you’re going to see it completely revamped as a full-on social network. It’s come a long way from a little site where you go to vote on and post the latest tech news, but this is the next logical step, and – without having actually seen the features yet (besides the BusinessWeek pictures) – would seem to be the right move.

Before anything else is even said, here’s the important point: if this works even slightly, Digg’s valuation is going to go through the roof.

You’ll now be able to post pictures on Digg, write out a full bio, link to your other networks, send stories to particular groups of friends, easily track other users’ comments and diggs as they make them: basically it looks to be pretty much like Facebook with voting – which is not necessarily a knock on it (and again, I have yet to try it out, I’m just going off what BusinessWeek is saying and the pictures I’ve seen).

This also shows just how smart Digg is. Millions of people already use the site, but they know they aren’t converting a very high percentage of that crowd in terms of them registering for the site. With so much more to do now, you can bet a lot more will be registering.

How much or how little backlash this move generates from the masses on Digg (or at least the VERY vocal minority) should be one of the most interesting things we’ll see on the Internet this year. I can’t wait. I wish the site would come back online already.

[UPDATE 12:44AM]: And it’s up, but very buggy right now – and I’m not sure the new changes are up yet.

[UPDATE 2:24AM]: As one commentor noted, still nothing new in place yet on Digg – however the ‘bugginess’ I described earlier did appear to be some CSS issues with the profile nav item, which undoubtedly means they are working on it as we speak. They never said when they’d go live with the changes today, the article just said at some point today.

[UPDATE 9:28AM]: Changes still are not up yet, but in a comment on the dugg BusinessWeek article, Digg CEO Jay Adelson is already responding to some skeptical diggers and notes that the changes will be rolling out later (presumably at some point today) and to ’stay tuned’:

“Hey folks, remember, this is an extension of the social network that has been part of Digg (friends system) since the beginning. The key is using this social component as an additional filter to what goes on here in the Digg environment. More on this later, stay tuned.”

[UPDATE 12:17PM]: There is now a post on the official Digg blog outlining a few of the updates (which according to them will roll out tonight). There is also a video in which Digg founder Kevin Rose walks us through 5 of the “over 50″ changes to the site. In my early opinion some of the changes are looking very good, some are looking very repetitive, and all are looking pretty reminiscent of Facebook as I imagined they would.

[UPDATE 9/20]: Things are up and running now, see here.