Great article on Stratechery this week about the recent evolution of Facebook's News Feed and how it might impact users, publishers, and advertisers.

It wasn't really an important point in the context of the article, but I loved Ben Thompson's distillation of the most extreme bear case for Facebook:

At this point, my most extreme Facebook bear case is that the service is the equivalent of an email address: something nearly everyone has because you can’t function without it, even if it’s not their preferred means of communication.

I think this is spot on.