This is true. Regardless of our opinions of Facebook, it has been able to find its way into the daily workflow of the lives of an exponential number of people. This makes it a huge asset to many parties.
They're still valuable, only not in a advertising-driven model. As a platform though, it has a ton of value; when the majority of a company's employees are connected on a system they use personally on a daily basis, there's a lot of potential. When an entire city is connected, you open the door to interaction that haven't been possible until now.
Facebook could replace dating, restaurant review, business productivity, classified sites, and expand into things we haven't thought of yet, but that requires a substantial user base. The company is still growing out of its college foundation, but judging by its growing acceptance among the 25+ age group, it could start gaining value fast.
