Well, they've continued down the path you're talking about for the last couple of years, which is why I don't believe Facebook will collapse. There's too much of a "social risk", if you want to call it that, in the minds of some if not most folks on Facebook if they do bolt.
The last couple of years have been a consolidation state for social networking. It's why networks like Bebo and Hi5 are still around only because they serve a niche but they're not even another social network to visit on a daily basis like FB, let alone the
place. Facebook has become that place because it's sort of is the gatekeeper of your social identity. Less is more for most folks and having just one site to visit is good enough, as long as it's easy to use and presents itself as simple. They might go the way of Myspace, but a few things to keep in mind. Myspace lost its way when they were sold to Newscorp and they absolutely tried to have all kinds of services on their site, to the point they lost direction and focus of who and what they were/are. Facebook could be a fad if they lose focus from what they're really strong at, but they can also build something sustainable like Google as well. The social graph initiative, however, could be a make-or-break thing for them as a business and as a social network.
There's a project called Diaspora
, which hasn't started yet but raised money through donations to become an open-source kind of Facebook, in the sense you can also build your own Facebook, which can link up as a unified Facebook with other sites. Sounds pretty cool, but most folks don't care if something is open source or an open book of what they do with their info. Quality tends to come first before that with most people. There's also been a social network API tool called Ning, which has been around for a few years, but again, not everyone cares for a distributed, DIY social network. It's difficult to get visitors, anyway, and that's where FB has a massive advantage. On that note, most don't realize how complicated the site architecture requirement is to build and operate a scalable site, let alone like Facebook. There are no barriers to enter per se, but no one wants to face an 800 lb. gorilla head on either.