An interesting article about the future of social networking: Is Facebook a Fad?

This in particular is what I find fascinating:

Why is any of this important—why do these Web giants want to catalog your interests and relationships? There's an obvious answer—because doing so allows them to sell ads targeted to you—and a less obvious one: Social signals are becoming the primary organizing structure of the Web. Today most of the links you see online are determined by editors or algorithms—that is, by people who create sites manually, or by Google, which uses computers to guess what you might be interested in. But both these methods are imperfect. The people who create Slate's home page every day are just guessing what you'd like to read. Google, meanwhile, serves up thousands of links in response to your query, and even though it's often right, it's far from perfect. Web companies see social data as the solution to this problem: That trail of Likes you're leaving around the Web forms a picture of your deepest desires. With this picture, sites of all kinds—news sites, shopping sites, travel sites—can tailor themselves to your interests. In five years' time, you and your dad may visit the Huffington Post and not see any stories that overlap. The site will know, based on your social network, exactly what you want to read.
I really have a feeling that social networking online is still just scratching the surface of what is coming, and that a lot of internet marketeers aren't fully aware or don't want to be aware of the implications. Search is still the NO1 way people find stuff, but no longer the only one. This wasn't the case before. For a while the only real competition search had were perhaps directories, and that was dismal. Social networking on the other hand seems to have the potential to merge with if not swallow the search paradigm.

I wont make any bets, but this fits my general attitude about this. The future may prove to be more interesting than some of us expect (or want it to be). It pays to track this stuff, so we can adapt.