The first is that Bill Gates once stated the biggest threat to Microsoft is a developer sitting in his garage. It actually ended up being two developers - the creators of Google. The question now is, will someone ever emerge to truly compete with Facebook.
The other analogy is that Netscape (which is Myspace) was taken down by Internet Explorer (which is Facebook), but when this happened a number of other alternatives also appeared in the realm of internet browsers. So the question posed is what will be the social media equivalent to Firefox, Chrome and Safari be if there are alternatives that emerge.
The full article can be viewed here: http://www.markevanstech.com/2010/05/12/looking-for-the-next-facebook/
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