Emily Bell: "Social media hasn’t just swallowed journalism, it has swallowed everything. It has swallowed political campaigns, banking systems, personal histories, the leisure industry, retail, even government and security."

My two cents -- no one is balancing this story.

I'm a big sports guy -- baseball and basketball. In sports you don't give up until the game is over. And this game is not even close to over. There will be lots of turns and twists. Sure, Facebook put a lot of points on the board in the first inning. Okay that's cool. Now what. 

The current online news service, including Facebook, sucks! 

There's so much room for improvement, and improving we will do. 

It's much more likely to happen outside Facebook, and I believe outside the venture capital-backed tech industry. Radical re-thinks don't happen inside big organizations. 

To think it's over would be to think that television was over in the early 60s. Yet there was so much more to come. Same thing going on here. This is just another iteration of the same process, human communication. Facebook's model is still very much like the model it replaced. We've yet to really dip into the potential of electronic publishing, imho.