As soon as Facebook launched its platform—as if in unison—the media world decided MySpace was a has-been and Facebook was the king. Sure, Facebook is poised to overtake MySpace in the U.S., but by many accounts MySpace is making more money, increasing engagement and is still one of the largest sites on the Web. That should count for a lot.

In the last month, it’s been happening to Facebook, and it’s even more absurd. The company is still growing, having passed the 200 million or 250 million user mark, depending on who you believe. And other reports, and my own sources, say the company is doing close to a $500 million revenue run rate. Did I mention we’re in an epicly bad recession? How is that a failure?

A good summary of how things seem to go in the social media space. Personally I tend to lose interest in a site right about the time we hit “Trough of Disillusionment”, and in the case of Twitter it took me about a week to get there from “Peak of Inflated Expectations”. I don’t know what this says about me, but there we go.