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I think that there's an opportunity for new social media network models, with better filters, better functionality, and perhaps a way to draw in more interesting content into the platform. It appears that our friends at Google are hot on the path to a new version, and it will be interesting to watch the space for increased competition.
http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=131134
MediaPost cites "Google Me" as a potential "facebook killer", but it seems more likely that it will be another college student, or small group of techies who develop the next, more interesting, more robust version of social network platforms. Someone will certainly take advantage of the lack of features, and lack of range of content associated with facebook. I think it will be more than a "me too" platform, but a fundamental game changer. With the now generation, it will likely be some new mobile app type platform (no doubt designed for the iphone user) that takes social media by storm.
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