I think the prediction of "social fatigue" is somewhat correct, but it's specifically going to come from the excess of content. I already see this happening among my friends: as their online reading list grows too much, they tend to scale it back *dramatically*, to get it under control again.
Opening things up really isn't going to change this -- the need to log into separate networks isn't causing the problem. Even among circles like mine, which are entirely focused on a single platform (LiveJournal, in this case), it's simply that there's too much content once everyone is on board.
It's an economics problem, basically. We've known for many years that the principal currency of the Web is *attention*: everyone wants your attention, and you only have a limited supply of it. Social networks are capable of soaking up as much attention as you will give them. People were willing to give them a lot while the idea was novel, but that'll gradually fragment and reduce as they get used to them, same as with every previous online tech...
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