Someone could be building something right now, in secret, that could obsolete Facebook. Software is ‘soft’ for a reason, it can change fast. Facebook could easily get overtaken by an upstart. Why do you think they’re so eager to buy out anything that resembles competition? Remember when MySpace was a behemoth? Everyone forgot about MySpace in a short span of months. Microsoft and Apple have endured as software companies because of the complex and substantial connection they have to hardware platforms. The software behind Facebook is not quite trivial, but don’t forget, there are other smart kids in college dorms all over the place.
In a world where mobile computing is obviously becoming top dog, it’s amazing how poorly Facebook has executed their iPhone app. It’s reliability seems to get worse every day. A company with their resources and talent should have the premier mobile experience, but they don’t. To me that can only speak poorly of the structure of their organization. We aren’t seeing the vast measure of their talent manifest in their product, and that doesn’t seem to present a bright future.
Are a lot of people going to invest in Facebook today? Undoubtedly. Would I recommend it? Nope.