That's an interesting point... the problem seems like there is no direct substitution for Facebook. A senator asked Zuckerburg "if I own a Chevy that has problems I can give it back to Chevy and buy a Ford... what is the substitution your customers have if they don't like Facebook?" Mark couldn't give a clear answer.
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The paradox is that people have created Facebook, while Facebook, on top of this, has created an abusive business model. What I mean by this is that all content, contact lists and comments are created by people. The technology behind is not rocket science at all. Facebook was just first. Facebook's only value is its monopoly on global communication. One login and you have contact to 70% of the entire world population. If people began using another technology, like the federated network Diaspora, the monopoly would crumble. We have seen how fast such thing can happen. The problem is that people would have to create the whole thing again, and most people do not have the imagination to see possible change.
That's a very interesting point. Facebook, literally, owns no content but has such strong network effects that it has access to a lot of the world.
Great contribution and thought to the post. Thank you!