Well the differentiation will come from having better control over who sees what.

Facebook is a collection of all your friends/family/people you kinda know and so fouth. We still need services that are specialized and cater to certain groups within your social circle and I can totally see Color/Path/Instagram/Whatever take and prosper from holding that position.

But then again Im not really a fan of Facebook and perhaps Im missing some core functionality that actually already exists within Facebook.