I generally think that the peak of social networking was 2006-07 LJ and everything since then has been downhill, whether due to spying or Nazis or lack of users or whatever.

I still spend a bunch of time on Facebook because it's the best way to keep in touch with my friends around the world, but that's growing less and less true as people abandon it and don't replace it with anything. I perfectly understand, but I still feel the loss, especially compared to the long, thoughtful posts I used to read.