I remember when the original Friendster came out, everyone I knew signed up, only to realize...wait, what can we actually do with it other than look at our social graph?
If Friendster had figured out a stickier use case, they could have preempted MySpace and Facebook before they ever got going.
You know what? Good for Friendster. It can't be worse than what we have now. But, also, good luck with that. Facebook may be terrible (it is definitely terrible), but it's where everybody's friends are. I dunno how you reproduce that network effect today, but maybe they do.