This is an old article that I put on the back burner some time ago, but I’ve thought about the issue once again. As far as I’m concerned, there is no substitute or even a serious competitor to Facebook.
Ultimately, I believe that it remains to be seen whether Facebook encourages creativity, herd thinking, and/or both. In many ways it seems to be a moot point. I don’t see MySpace ever reclaiming its former glory. Without a serious competitor, Facebook can continue to do as it pleases. It doesn’t mean that we have to buy.