A trio of reports has be published on Facebook's recent Technology and Tasting Event in Palo Alto, two from attendees and one from FC's official blog:

Technology Tasting at Facebook
Facebook: Big, Sticky, & Growing
Facebook Blog

To avoid repeating what the attendees have reported so well, I urge you to read their accounts.

MySpace is the GM of 20 years ago, and Facebook is the Toyota. MySpace is too happy counting their page views -- too much of it from fake accounts or related to spam like ProfileWatcher -- to respond to Facebook's superior execution and attack from below. The most social people I know in DC are all moving their activity to Facebook. The club promoters -- the most connected people on the social scene -- are now marketing their weekly events on Facebook and bringing their circles there with them. However, in the long run, MySpace probably won't go the way of Friendster; more likely, the two will reach relative parity. MySpace is more right-brained; Facebook is more left-brained. Everyone will have two profiles but the creatives and the unruly will prefer MySpace while the academics will prefer Facebook. And that assumes Facebook does not open up to right-brainers by making profiles more customizable. (They could also go the way of Xanga and become more eSnips like by allowing bulk multimedia uploads.) We don't guarantee that someday spamminess and fake accounts won't corrupt FC too; it's not happening yet now.

Facebook reports 2.9% growth week over week but I expect that to accelerate after they hit the tipping point. Anybody wanna wager when that will be and what will cause it?