As Stowe notes, we've heard this refrain countless times pretty much since business computers started connecting to the Internet.
As far as the Facebook threat to business, it will be interesting to see if the hundreds of thousands of special interest sites largely funded by ads and sponsorships simply become groups on Facebook. For example, how do forums dedicated to things like Disney parks, audio-visual equipment, or fantasy football compete with their subject areas becoming a Facebook group.
At this point though, I think the Facebook phenomena is wildly over-hyped, outside of the college crowd most people that I talk to have never heard of Facebook or aren't comfortable with sharing so much information about themselves on-line. But it will be interesting to see what happens over time as demographics change.
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