The bulk of my news feed is the same 4-5 people. I was shocked to find that when I checked in yesterday 6 "friends" had deactivated their account within the last 2 weeks. I have vastly scaled back my own activity to only checking in once a week. I have less than 5 status/stories in the last year. When I look on my friends' walls/timelines, I see the same amount of activity. This same group of friends would generate that amount of activity in a week. With the better privacy controls, most friends including myself don't share tagged photos anymore.
The only thing I still see Facebook being used for in my circle is chat with Google Chat just as popular.
Will Facebook continue to grow for the next few years? Yes, it will grow outside the U.S. Will Facebook continue to grow in the U.S.? No, the "cool" factor is gone. I think it has already peaked. Will Facebook stock go up after IPO? Yep Is it the next AOL? I believe so.