Social Networking Market and when did we miss that happend....?

Have you been in a situation where you are driving in the fast lane and you see some one blinking with his lights in your mirror. You move out and some passes you by like you are standing still. This is how I felt today after 7 years working for the Internet as a medium and having a business that is focused on delivering RIA's.
What did we miss while making applications that "work" and spend hundreds of hours improving your work flow or how stable and scalable your code is and how fantastic features you can create for your client....
Have you heard of RockYou. I haven't ...until today
But they are making 150 000 000( the number is correct 150 mil) page views a day with their social networking apps!
I came to think that we really missed something. We obviously do not understand the way people interact with the Internet ....We might as well want to rethink the way we percieve the Internet. Here is a little quiz for all you Bulgarian Web Companies.
Would you do a Facebook app?
Why not, because its stupid and because its easy or because you have to come up with something that is at least used in the NASA Space Program.
Maybe we need a second look at what people are actually doing in places like Facebook, MySpace Hi5 ...and actually think deep yet again....I mean at least for those of us that think they know a lot about the Internet and the way people are using it now a days.