The social web is just as important as search on the web. The web will always have search engines, and it will always have social networks. Google took over where Excite and Altavista left off. Facebook took over where MySpace and Friendster left off.
Google controls the majority of the social search market. Facebook controls the majority of the social network market.
So you might be saying, that's nice, but Facebook can't monetize it's users!
Have you ever looked at Google search results lately and noticed that nearly 1/2 the screen above the fold could be ad space? Don't believe me? Search for "iphone".
Yet we all think nothing of it. We've accepted it as users of Google.
Imagine if Facebook found a way to get it's users to ACCEPT ads. Start small, like Google and gradually increase it over time to what it is now.
That doesn't sound far fetched does it?