Following on the theme of ripping off Dave Winer's blog, from Journalism must compete on Scripting News:
Offer something interesting and independent. It may never reach the size of Facebook, but it can be a sustainable, and growing service.
Run your own river on what used to be your home page... People return to places that send them away.
Expand. Have a goal to have twice as many sources reporting on your site every year.
I haven't been able to find it, but somewhere else Dave talks about building community.
Then: Build a community around something interesting and independent; send people to wherever that topic is being talked about; and expand.
Sounds like what happened to daringfireball.net and other success stories - but higher tech.