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Your right though an individual can only manage but so many accounts. At some point it becomes information overload.
For example, while a lot of design items do well on digg, dzone offers even the geekiest design article or item a chance at some decent traffic. Sure it's no digg effect but it's much more targeted. If we as SEOs/SEMs have niche networks that fit our latest topic or article or whatever, that makes our lives a lot easier, IMO.
And then of course, something else will come along.
When people see sites like Digg and MySpace succeed it's natural and inevitable that we end up seeing many copycat sites. I agree with SEO Refugee. It's not necessarily a bad thing as the networks become more niche and focused.
What I think is important for most of us is to realize we don't need to participate in every one. As a user join the ones you actually enjoy spending time on. As a marketer spend time getting to know the ones that make sense for your business.
You don't need to visit every site on the web and you don't need to interact with every social site out there. Pick and choose the ones that make sense for you.
its all fun I guess - watching this all evolve.
I think it may be a game of "widgetry". The more applications available on the network, the more interaction with the member. When a member has 5 scrabble games on the go, over 5 photo albums posted and their "inner circle" of friends readily available, it becomes harder to shake loyalty.
Another factor will be platforms. As mobility becomes increasingly important, the best interfaces for socializing on the fly will most likely do well.
A lot of the second tier players are out mainly as acquisition players.
And as Sam mentioned, by then we'll be on to the Next Big Thing. :)