I thought his point was pretty clear: FB is rolling in cash and is the target of the latest 15-minute hype and 50 billion dollars of Goldman-Sachs paper valuation, but isn't really breaking new ground in providing the best possible platform for the Web, and he predicts that this will cause it to fail, like other non-ideal repackaging efforts in the past, because it is limited. And he has some experience in this, because he was an employee of AOL in the day.
And weirdly, here at HNN, of all places, I am witnessing a deluge of rabid Facebook fanboys, many of whom apparently think he's just an old fogie who doesn't understand the new generation. The world never ceases to amaze me.
EDIT: more words are always good, right?