I would take this to mean a replacement for the "original" Facebook feature set, of sharing personal news, stories and photos with a pre-selected list of friend

I would take this to mean a replacement for the "original" Facebook feature set, of sharing personal news, stories and photos with a pre-selected list of friends and family. Many people (myself included) don't _want_ the newer marketplace / open community aspects of Facebook to be mixed into a platform where they share personal updates. If that means I have to give up 100 likes and comments on every baby/puppy picture I post, that seems like an acceptable trade-off to me. If folks want to comment on any of my updates, they can communicate with me in other channels (e-mail, text, real-life). Not for everyone, but it's definitely a market niche that's under-served right now.