Kids say e-mail is, like, soooo dead
news.com.com
news.com.com
Which is ridiculous. Facebook and MySpace can still get hits on their webpage by forcing you to reply by going to the page but having to go to a different site to read a message is annoying.
Spam, along with viruses, spyware and adware (IMHO) is mostly a problem for computer illiterate: those users will be gradually dying off.
The fact that you can't get email directly forwarded to you is very annoying, however it is a bit more secure.
(edit there are other differences of course, but they are "non-substantial." The restriction of in-network sending is the only thing that makes it not "email" already as far as this discussion is concerned. If you could message myname@facebook.com then it would be email.)
After graduating college I think most people would disagree.
Once you get into the real world, you have to deal with people all over the place, oftentimes whom you've never met before. That's when email becomes truly useful.
Alternative hypothesis: after college, people aren't as concerned with appearing "cool," so Facebook Wall Posts really don't matter much anymore.
Email is better when you need to make a more elaborate statement that doesn't require back-and-forth communications.
I have had business email written in the style of text messages. To me, this is offensive, and it's a trend I hope ends.
Has any site ever proven every guideline that site designers have held strong to be entirely false like myspace did? I think that's the cause of most of the contempt they receive to this day. Entertaining, it is.