Exactly Shanon.
..... Saturated - talk about selling at the top.
Last year Facebook membership was growing at 3.5% per month, today it is 1.7% per month (http://en.wikipedia.org/wiki/Facebook)
Monetise the existing customers in an overt way and they will socially network elsewhere. Google is brilliant. Yahoo might be a fair comparison. Software and web applications are fickle. Once upon a time nearly all documents were created on Wordperfect (now reduced to the text interface of Corel graphics), the internet was accessed by Netscape (absorbed by the now unpopular AOL), and emails were sent through Hotmail (now just one of many).
Right now Facebook is priced in to be more brilliant than Google - a tall order, IMO.
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