I think it leaves social networking, or what will replace it, in a much better place. What about this time around we build products whose primary focus is actually the stated mission? Share with friends and family and the world, to bring it together (not divide it)! Instead of something unrelated, like making lots of ad revenue! What a concept!
Is the next social network focused on sharing rather than advertising?
This sounds like what Ethan Zuckerman proposes: re-imagined social media spaces...communities of people owning the rules for the space they are in, and then having loosely connected spaces interact.