Myspace and Google have recently teamed up to make plans to create OpenSocial, which will allow for programmers to create applications that work for a variety of these social-networking sites. There are also a lot of other networks joining such as Friendster and Plaxo. Facebook has recently been taking over the competition, and they are not a member of this creation.
It looks to me like they are just teaming up to take over Facebook, but I don't see this having much affect at all on them. They have captured the college and highschool audience, and the site is a lot better in my opinion. Everything is more organized and the programs are much better. It's not a bad try, but I don't see it having any effect.