Might be suitable for some contexts (like displaying a "feed" of individual items / search results / etc.), but then it's pivotal to provide users with an obvious way to hyperlink back to individual item. Think linking to one YouTube video (from your infinite "My subscriptions" list) or Facebook post (from your infinite feed). Most big sites seem to get this right, luckily.

I think Facebook do "nearly infinite scrolling" (to coin a phrase) as, IIRC, when you scroll for a while they stop and offer you a "load more content" button, possibly at year boundaries, maybe by number of stories shown, not sure.