For now, Facebook continues to take over the world. Its global traffic is about to blow past MySpace's, its image (and Mark Zuckerberg's) has recovered from the Beacon fiasco, and it has raised a big enough cash pile that it should be able to power through any downturn.
There are some flies in the ointment, however:
* For some early users, the thrill is gone. Our campus correspondent described how Facebook lost its appeal as soon as it tried to become everything to everyone, and we've seen evidence of declining usage in Comscore stats. The result has been less usage from the once-core user base.
* For some geriatric users (a.k.a., us), the thrill has never really been there. Having been raised on email and IM, it's hard to get in the habit of visiting a specific site to figure out what everyone's up to, especially when email accompanies us wherever we go.