Ask HN: Is social networking a done and dusted business?

A little context: I was browsing through my Facebook profile, and wanted to check my login history (in case my account was compromised, yes I am paranoid), a little googling revealed I could download all my archived data, and I did. It would be an understatement to say I freaked out. Facebook knew me! Their ad targeting was brilliant and stored a lot of info that I would not want stored anywhere.

The question: is social networking a done and dusted business? I hope it isn't, and if not, what would the next major social network be like? What would it's characteristics be?

Would privacy be an important factor for the masses?

I know all answers can at best be speculation and educated guesses, but I would like to see a discussion on this topic.