There's an interesting opin on Social Networking and where it's going.

I believe that we are now in Social Networks 3.0. After a fair bit of excitement and energy around pure play social networks, it became clear that the building and management of a social network was not, in and of itself, a compelling consumer experience. In a nod back to the earliest instantiations of social networking, entrepreneurs have come to realize that social networks are enablers of other compelling consumer experiences. Thus, social networks are becoming an important ingredient of all sorts of consumer experiences. Social networks inform the conversations that take place among friends on LiveJournal. Social networks enable the discovery of new music on MySpace. Social networks enhance the multi-player gaming experience at Xfire. Social networks now empower recruiting on LinkedIn. And dozens of new social networks are emerging to enable specific, valuable consumer experiences that are enhanced by the underpinnings of the network.