[jseliger]

Wasn't Facebook the "next Friendster?" I feel like it was actually a relative latecomer to the social networking party of the early '00s.

A lot of industries also have early periods of extreme tumult, then greater stability as firms consolidated and success becomes more obvious and definable. Think about cars: it's become a commonplace that Detroit was the Silicon Valley of its day, but eventually a few car makers became dominant. When, say, GM first emerged, it might have seemed to observers that another rival would rise to take out GM—which didn't really happen until decades later.

Facebook may be the first of the "mature" social networks that isn't almost immediately superseded by something dramatically better. The fact that it now has so much lock-in inertia indicates that it may be with us for much longer than its day-to-day critics believe.