Facebook as AOL

I remember AOL circa 01-02. Surfing to discussion boards, IM-ing friends, reading news stories on the homepage, being stuck inside the terrible AOL browser. Facebook is starting to feel like an updated version of AOL: pages are discussion boards, chat is IM, and now terrible news stories appearing in my feed all the time. An alternate web is surfed from within the terrible Facebook UI. It all seems depressingly familiar.

Could Facebook collapse like AOL did?