I would agree with you here. Most of the low-hanging fruit has been plucked. But that doesn't mean the low-hanging fruit is the juiciest. As I mentioned in the

I would agree with you here. Most of the low-hanging fruit has been plucked. But that doesn't mean the low-hanging fruit is the juiciest. As I mentioned in the grandparent comment, and as I agree with you, Facebook Connect is the future of Facebook. Facebook seems to understand that fact, and now it's just a matter of how keenly it does. Facebook has (wisely) focused almost entirely on user growth and retention over the last few years. That it stumbled into being an attractive display-advertising platform was almost inevitable, and required little effort. The real money lies on the distributed mobile and web ecosystem, into which Facebook has been diligently inserting itself as a de facto credential and backend. (Think of Facebook as the "Intel Inside" of the entire content web and mobile content web, and you get the idea). Facebook has established an impressive beachead with FB Connect, and from there, it's only a matter of time before it can monetize its FB Connect partners through contextual and interest-based advertising services. Google should be very concerned -- and, to that end, it would not surprise me in the least if the threat of FB Connect to AdSense (and, to some extent, AdWords) was a significant factor in the race to develop Google+.