Facebook & MySpace have managed to get people on the internet who wouldn't normally be on it. If you sampled random college students, I wouldn't be surprised at all if most of them care very little (or not at all) about blogs. However, most of them probably use Facebook or MySpace. It's hard to get the perspective when we're some encompassed in what we do. Personally, I rarely sign onto Facebook but am reading blogs daily. I know very well that I'm the exception.

I don't think Facebook is worth $15 billion but I wouldn't trivialize it too much - it's becoming the de facto online personal communications tool.