"Instead, Facebook is increasingly looking like Yahoo!—it does everything from Photos and Chat to Email and Places. It provides just enough features to be functional but leaves much to be desired, and increasingly depends on advertising as the revenue model."

I could not agree more. I guess(just a guess) that for more than 350 million people (facebook minus myspace users) it will always be the first social network but its luck of modularity, its reluctance to protect its users privacy in a user-friendly manner will be the first things to make it eventually irrelevant.