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This does not mean Google / MySpace will not get it right, but it is a long hard road.
IMHO, success in aligning cross-platform ToS's that are fair in terms of data/content/IP ownership would be more valuable than the common API hooks.
Lee has good points, but you have to give some credit to today's sandbox. You can already make some pretty interesting apps for OpenSocial already.. I think it needs the same iniciative as Android is having ;).
Matt, is this the way business is now done in Silicon Valley? Hell, then I am moving back here.
Junior, I think that's how it works everywhere :).