Facebook is just the AOL of a younger generation...just global in scale and on a longer timeline.
People came in droves when it was new and shiny and the easiest route to 'whatever' online.
At some point folks are only staying around for the messaging platform.
In some glacially-long (for the internet) pace of time, Facebook will be sunsetted in favor of the new hotness.
I think AOL is a good model of where Facebook is headed. It's happened to MySpace, it's happened to Digg, it's going to happen to Reddit, wtf were they thinking? Strangely enough, the worst site of them all, Twitter, will be the only one left alive as it is.
Twitter needs to die just so I can... please, in the name of all that is good and holy... stop being fucking hounded on all other media at 26 second intervals by every Z-list celebrity, podcaster, radio clown, journalist and postal carrier begging me to follow them.
This has been the way people have been getting engagement since advertising started. Twitter is actually the most efficient form of it. It's not going away and it's better than the alternatives.