The article has a more measured statement: "Extrapolating the best fit model into the future suggests that Facebook will undergo a rapid decline in the coming years, losing 80% of its peak user base between 2015 and 2017."
Observing common network effects and using it to make predictions seems like valid scienfitic research to me. The hypothesis may or may not be correct, but it's a (very) testable and falsifiable hypothesis. The science is good.
http://arxiv.org/pdf/1401.4208v1.pdf
Edited to add - jarrett: I accept your point that the research could be more thorough; it's a shame only Myspace data appears to have been used. However, I think this is a valid thread of research and the word 'bullshit' was unwarranted.