He says that
The evidence is irrefutable and it exposes the twin fallacies the concept of Web 2.0 has depended upon: 1) that people can build their worlds around - indeed, will want to build their worlds around - social networking; and 2) that social networking offers a viable, massively scalable business model.
He has a particular disregard for Facebook which has become the provider of trivia and reminds us that
Facebook charmed the technocracy in 2007 when Microsoft purchased a 1.6 percent stake for $246 million, valuing the company at more than $15 billion. Now, as we close the books on 2008, one might wonder if Facebook is actually worth anything.
The network he says is sufferung from burnout
the acrid smell of neurons frying, and eventually a longing to return to the wholeness of the physical world
As with much of the new media,the problem is profitability
The problem with Facebook is that it feeds on trivia, and in the process has become trivial itself.
And his conclusion
Social information and communication requires targeted aim, meaningful purpose, and self-correcting standards of quality. Universal social networks such as Facebook, almost by definition, cannot maintain this focus. For this reason, they cannot survive in their current form.