Gotta agree with LukeP talking about Google.
...I believe they couldn't care less about their little side projects like "wave", etc. no matter how they're trying to be perceived. The amount of effort they put into promoting some of this shit is laughable, it's like they're just giving a team something to do and if it doesn't take off then whatever.
Google has some massive plans outside the whole traditional "online" thing they're known for and that's where the real money is. I think people are also discounting Google's close political connections (which become very significant in their new projects) to both parties, although it shouldn't be an asset, in an ideal world, it's an incredible asset that cannot necessarily just be bought.
When you control how the internet is delivered, not what's on it, you're in a superior position.
Also don't discount the loyalty of Google search users, I personally never use Bing except for when I'm scraping ads and advertising on it. Google may not have the level of user investment that FB has but when your brand is interchangeable with your product (Google = searching the internet) you aren't losing significant market share anytime soon.
But personally I feel that Google is caring less and less about their search results, search advertisements or any of their projects. There used to be a time when their support was at least existent for advertisers doing certain volume, but now it's non-existent.
I used to have a few guys I e-mailed about my ads on the content network and when I got back into it around half-a-year ago (post re-bill banning in 09) they both said they were working on other projects, not search, and said there weren't many reps working with even the biggest advertisers anymore. Whether that's telling of their priorities or not is vague but I believe it just confirms Google has bigger, more profitable and monopolistic priorities in mind. Possibly because they correctly see Facebook's increasing dominance and aren't looking for a fight in that arena.
Now inb4 another argument over monopolies and if they're valid.
Remember the internet, for people at these companies levels, is not a zero sum game. For Facebook to continue to grow it does not need to oppress Google's growth in a significant way. People get caught up too much in who will be #1, although I know that's the point of this thread so I'll digress.