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I also agree with the article but FourSquare seems to me more like a counterexample rather than the best example. Its utility is arguable even after the network effects, let alone without them.

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Yes, Foursquare would be a "social" idea in my mind. However, Dennis Crowley has had an exit previously, so I think it makes social ideas easier for him to pursue. I think social ideas with network effects are very difficult to succeed with when you're a first time entrepreneur with no track record.

How is FourSquare doing nowadays? I never used it, but it was a big deal about a year ago and I haven't heard much from 'em since (I'd pretty much forgotten about them).

With competition from facebook checkins, isn't FourSquare more or less doomed right now?

I just did a quick analysis with Google Insights for Search and posted the results. To me, it looks like 4sq is flat since April globally, and down 30% from its peak in Aug 2010 in the US:

http://yak.to/tech/p.bf/Has-Foursquare-peaked

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