Can Facebook fail?

It seems that Facebook fatigue combined with the sudden re-discovery of basic concepts such as "privacy" are weighting down on Facebook's exponential growth. While I am not cheering for the demise of the platform that allows me to stay connected with otherwise too loose connections to bother sustaining, I am of course concerned about who gets hold of my status updates. And it seems that I am not alone. The BBC is running a good article summing-up why Facebook should worry and highlights a number of promising alternatives such as Diaspora.