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iPhone App: Alchemize
Fun times :-).
I think what you point out is true, that perhaps the social networking space doesn't need to be so clearly "winner take all" as it was last time around, due to the sheer numbers of people on - and have yet to get on - the net. Plenty of companies can take a piece of the pie and still make it work. Maybe my brain just isn't used to such numbers.
But I still think it will take some innovation beyond just being a "digg clone" as your company and the others listed above are working on.