>>aculve+(OP)
A centralized social network is what's wrong. Despite their best intentions they're still going to have all their users and developers by the balls. This absolutely will not replace Facebook or Twitter, it'll be just another one of the dozens of copycats like Path.
What really needs to happen is an open decentralized protocol needs to be agreed upon for newsfeeds + blog posts (wordpress) + microblog (twitter). Then everyone can write their own servers and clients and operate in a manner like Email currently works.