Ah, I remember those days - or the days right after those days (I was at NYU and got Facebook in late '04). It was so much fun to friend someone you met, see where they were from, all their interests (some real, some comical), what crazy comments happened to be on their wall, and what "groups" they belonged to.

The Facebook of today is still valuable, but in an entirely different way. Facebook in 2004 had nothing to do with sharing content, it was just a database of people that you'd met in college that was exceptionally fun to browse. That database of people aspect is almost entirely hidden now in favor of the feed (useful but different), and what you "like" (the pages where you clicked "like" to get a $2 coupon).

I recall reading somewhere PG saying there may be an opportunity now for a "Facebook for college students", which I'd imagine as a realization of the early value of Facebook. I've batted around the idea of setting up oldfacebook.com, just as a copy of that early version. Heck, you could even let people sign up by connecting with Facebook.