This assumes that people are creating content specifically to be consumed by other people. But what if people are using their accounts - as I use mine, particularly on del.icio.us - to aggregate stuff they've done for their own benefit? In other words, think about the content as being akin to your wordprocessing documents and saved files, rather than a newspaper column. Rather than audiences and rising to the top, for some usages a better metaphor is where you get to store your stuff.

Of course, this isn't likely to be true of Myspace, but frivolous applications like that are not not where social networking ends.