1) Buy a domain name 2) Pay for hosting 3) Install WordPress, etc.
This is really great for people who don't want to deal with the complexities of hosting their own site but still want to be able to post stuff.
The problem is that with 600m users everyone's presence online starts to feel the same, cookie cutter, boring. It's like if everyone in the world had to use the same stylesheet. If you look at things like the profile image strip hack, people are dying to be unique (even if the only way they can do that is by copying other people's hacks).
I think there will always be a place for Facebook, my mom isn't going to head on over to namecheap to register a domain anytime soon. But I think that facebook is homogenization of the internet, and I think it's boring.