Here is Bambi Francisco's article about the VLAB event: Friendster gets close to Benchmark.  Yours truly had the last words (oops, I overlooked AlwaysOn Perkins' quote).

What does it all mean?  Any one of us can whistle a song any time.  If several people whistled simultaneously, net effect is different in many ways.  Each of us will respond to the whole, changing octaves, filling in side melody, feelings enjoining with others', whatever.

Can you remember the last time you whistled?  I can't.  But you will remember when others whistled with you.  Impact is different when many people do something together.  Bubble was a good example.  It was just whole lot of people whistling the same tune and drowning in the song.

The question is, can it be tapped for sustainable profit?  I think so.  Friendster.com is in my mind a pretty silly business, but I can't wipe away my respect for the unknown, the network-effect.

Update:

Here are other posts on the event:

• Ross Mayfield
• Marc Canter
• Stewart Butterfield
• Mine