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Weekly Digest of the Social Networking Space: Jeremiah Owyang highlights the most important stories.

Snap Summit 2.0 summary: It’s all about Facebook: Absolute must-read.

Dave Morin, the senior platform manager at Facebook, was the event’s main attraction. He opened his talk with a story about a woman he had met outside. She had created a Facebook application “Easter Eggs” three weeks ago. She built it in a week with the Ruby on Rails programming tools. She released it and saw it grow to more than 300,000 users. She sold the application on Tuesday. While this is an unusually good scenario, there are still many developers trying their luck: More than 100 such apps are launching every day.

iLike, a music discovery app, which hit nearly a million users a week after it launched on Facebook’s developer platform in May of last year.

Don’t sit around brainstorming until your ideas are perfect. Put it out there. If the metrics are good, go for it and then iterate rapidly on the application until you get it right.

Has Bebo jumped the social networking shark?

But Seth Goldstein, CEO of the application network SocialMedia, was less optimistic. He said it has yet to be determined whether the sale of Bebo for $850 million to AOL marks the peak of the social networking valuations, given the current decline in optimism about the economy. Some areas such as Facebook gaming or Facebook dating apps might be ripe for acquisitions. But not every category.

“VCs are cutting down funding and exits will be suboptimal,” he said. Still, he said the big brands have yet to pour money into Facebook and he expects that to happen.

As someone who watched big brands pump millions into SecondLife and get very little in return, I think that corporations dipping their toes into Facebook at a million dollars a pop makes a lot more sense in terms of the potential ROI. I’m not just talking about the traffic or the ad revenue, but more importantly learning by doing and understanding what it means to leverage exposure across social networks.

Google Adwords isn’t going anywhere soon, but social media marketing is certainly taking a percentage of business away from them.

At some point, successful Facebook applications are about creativity, or at least I’d like to believe so. Who knew Scrabulous was going to be popular and addictive? I have 3 games going right now. Before Scrabulous, I played maybe 5 times a year at best.

The problem with Facebook apps is that for the most part, the popular apps are the least useful.

Don’t get me started on dating applications- if it’s about meeting people, it’s in the dating category. 99% of these applications are absolute junk, but it’s so easy to create apps, the directory is getting clogged with hundreds of me-too apps that can limp along in obscurity, just like the majority of dating sites. Once the app is built, hosting costs and a developer on call are about all you need to keep it running for years.

Need some inspiration? Check out FaceReviews and the RockYou ad network on Facebook.

Found this, useful? Twitter Dating: Going on a date, user Twitter to keep people updated.