Why Did Friendster Fail?
Amid all the discussions of stratospheric social software and where their valuations are headed, it's interesting (but not surprising) to note the focus is on possibilities. Nothing wrong with that - we all need the vision thing - but it can easily become an unthinking frenzy of positivity.
As you would expect from this accentuator of the negative, I think it would be much more helpful for people to ask and answer the question "Why Did Friendster Fail?"
First mover advantage is not the land-grab panacea that some would have you believe and working out what turns customers off can provide great insights into what turns them on.