Facebook And Twitter Will Always Be Crappy Businesses

Largely an explanation of why social sites make crappy advertising businesses. Other revenue / profit-generating elements don't get nearly the same depth of analysis and insight.

But it's a well-thought out article, and anyone who takes the time to lay that out and still admit they "could be wrong about all of this of course" is worth paying some attention to.

When you are into a social network you don't want to see ads, you want to see friends. Otherwise when you are on google your mind is on "search mode" so you really want to see ads related to what are you looking for.