Definitely one of the more foolish ideas I have heard lately, this idea that the social Web is any kind of threat to traditional search engines translates into just how much of an echo chamber we have become. First step is to put down the Web 2.0 Kool-aid. Second step is to realize 99% of the world will use Google, Yahoo!, or Bing before trying to decipher the nonsense streaming through Twitter and Facebook.
Now there is no arguing that breaking news is generally found first on the social Web, then with the search engines moments later. But gaining data from verified sources is tricky unless you are careful as to who you are reading the latest news from.
At the end of the day, I think Facebook is an annoying “must have” due to what I do for a living with Twitter at least sparing me from FarmVille updates all day long. MySpace and FriendFeed are not even on my radar anymore. As for any of these being a threat or even remotely competition to Google… is like saying YouTube has more compelling content than cable TV – it’s simply not true.