I think a lot of the myspace hyped has died and facebook is starting to take over, but I can see that starting to die down after a while too.
IMO, i see something that is a mix between twitter/youtube/facebook within the next 3-5 years with a LOT of mobile support. Right now there is only a very limited amount of phones (at least in the US) that allow you to record and upload video. I think once these come out (hopefully soon to the iPhone) we will see the death of "traditional" social networking sites and more of a version 2.0 where the user can have more access with mobile devices, videos, pictures, etc.
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