Michael Wolff shares a brutal, apocolyptic view on Facebook in the MIT Technology Review. From The Facebook Fallacy:

I don’t know anyone in the ad-Web business who isn’t engaged in a relentless, demoralizing, no-exit operation to realign costs with falling per-user revenues, or who isn’t manically inflating traffic to compensate for ever-lower per-user value.

Facebook, however, has convinced large numbers of otherwise intelligent people that the magic of the medium will reinvent advertising in a heretofore unimaginably profitable way, or that the company will create something new that isn’t advertising, which will produce even more wonderful profits.

You may not agree with Wolff’s conclusions, but the article is worth reading — if for not other reason than to see an extreme argument delivered with relentlessly articulate conviction.