Does social networking phenomenon is over in India?

When I joined orkut in july last year I had no idea I am joining a new internet revolution better known as web 2.0.I was surprised to see everyone I know was there on orkut. They spent hours on orkut scraping everything to share and searching their lost school and college mates. All of them got own identity on web.

After one year it seems the whole magic of social networking is fadding. There is tangible fall i user activities on these sites. People scrap only on festivals and special occasions.No more search or lost friends.Gals ,earlier excited with attention these sites got them, are frustrated with unsolicited friendship requests.Boys are unhappy with no response from gals.Charm of meeting the special one is gone. Some of them feel that social netwoking thing is not for "grown -ups". In fact many of them find this whole thing a total time waste.The only utlity sites served is geting them "presence on web".But they are now questioning the value of this presence on web.

So, does the social networking phenomenon is over?Is it over locally or globally?

I wonder how mypace,friendster,facebook are growing with million of users and where this will end eventully.