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Facebook is of little use unless you are currently in college. I know they have regional networks now, but they don't match up to MySpace.
Facebook seems to be a place for people who already know each other in real life, and want privacy. Whereas MySpace encourages friend whoring from around the world.
I could see Facebook's fall from glory being very dramatic when it happens. They rely on the trendy college age demographic, and when they bolt they will all bolt at once.
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