Facebook is dead. They have lost all momentum. The older people that have not moved on to snapchat or Instagram are exactly those that will be flummoxed by the changes.
Why do people compare Instagram Stories to Snapchat? Instagram copied stories from Snapchat, but they didn't copy the core of the app, ephemeral pictures.
Honestly, it is dead in terms of people wanting to be on it. But in college, as I've recently discovered, everything is on Facebook, whether it be clubs, your hall mates, study groups, anything.
I'm sure they'll be okay.