Facebook as a company isn't a fad--with the footing they have, they'll be around as long as they adapt and make what people want.
I do see Facebook apps as a cancer on the design, though. If I were in charge of the site, I would probably not have given people as much control over the look and feel of their apps. Too MySpace-y, IMHO.
If you don't think Facebook is a fad, ask if you can really see Facebook being around in 20 years. I certaintly can't. It is a fad, just one that may take some time to run out.
Funny enough, I can. I've seen how people use it. There is nothing there that people wouldn't have wanted to do ten years ago, and while I'm sure there will be new features in the next decade, I can't see people not wanting to keep in touch.
I have more faith in Facebook surviving than I do youtube -- all that it takes to replace youtube is social networking and cheap bandwidth for everyone to host their own.
If facebook isn't around in 20 years, it will only be because something better has replaced it. If I knew what that better thing was, I would make it now.
Parakey is facebook's trump card, I'm extremely curious to see how Parakey ends up being integrated into facebook.
I'm sure facebook is benefiting from the two great hackers, but it would be kind of sad if they killed Parakey. Or maybe it hadn't come that far along in the first place before facebook got them.
That's good... that means that my big idea (which was the same as parakey's big idea only with no fancy architecture behind it) will still be around for a while. I naively thought that it was going to be done immediately because it had been possible and it looks like no one is doing it.
The bigger question is whether they can lateral this temporary success into something that's sustainable long-term.