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That said, you're leaving out a crucial part of the equation. Where is Gen X anywhere in your analysis?
One other bit I would take issue with: Gen X and Y are "experimenting" with identities less and less. Right now the trends seem to be that you experiment with identities (a'la Sherry Turkle's fabulous early work) up until the age of 17-18, when you transition over to a more firm focus on a self-actualized identity, sort of an aggregate of your best, and that is embodied in the Facebook need for singular identity.
So the Boomers entering in the equation... I think this is relevant, but Boomers aren't interacting with Gen X and Y as much- they are still only engaging with their own generation at a lopsided level, but they ARE still viewing, reading and window-shopping at a high-level. just like on Amazon and ePinions, Boomers are less likely to write a review, but far more likely to research and read many to form decisions.
Point being, there are far more opportunities than challenges ahead for a multi-generational social network. The largest challenge, I feel, would be if Boomer encroachment on MySpace soars, since that is seen right now as being a developmental sandbox for identity. But with Facebook, the site is merely adding a mature audience to an already mature interface. It's not like the Boomers are invading 4chan, but rather like they are suddenly shopping at Ameoba records, who already served music many liked anyway.
Could they chase away younger users? Doubt it. But they may help make younger users more aware of how they can use privacy features to speak how they like to the audiences they wish to address. Not having Boomers in the pool is a far bigger risk for Facebook's longevity, trust and partnership.
This may create an opportunity at the younger end of the scale for a social networking site that caters exclusively to the younger set, but I doubt many would join a site that positioned itself as just for "kids" - that's why they left Club Penguin.
More likely, as dbrowell points out, the younger generations will make more extensive use of the privacy controls which their befuddled elders are still trying to figure out, and the various groups will co-exist albeit with some boundaries between the generations.
I am trying to do my part by empowering both baby boomers and non-profits to grab this social networking trend by the neck and don't let go! (Just be sure not to choke it)