I think it's hard to argue with a lot of the points he raises. Certainly the 'lack of virility' is an issue and it's much harder to get significant gains now without resorting to a few hacks. The most concerning point I think has to be the case where Facebook denies advertising to competing products. That would suck if it happened!!!

Again hard to argue with many of the points raised, but with that said I think there's still opportunity - just not the same as before where the likes of Zynga and iLike were able to get shed loads of traffic for virtually nothing.