As of this month, at the ripe old age of five, it’s ancient in Web 2.0 terms. But for being a senior citizen of the web, Facebook sure has managed to stay fresh and relevant. What started as a social experiment in Mark Zuckerberg’s Harvard dorm room has grown to capture over 150 million users.

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Here are some ways Facebook has managed to grow and adapt so far…

-  its supernatural ability to help you reconnect with old high school buddies, network  professionally (ahem), plan killer bashes, and showcase your wit via status message

- the ever-growing collection of third-party Facebook applications, integration with Twitter, built-in Instant Messaging, blog importation capability, and more

These all allow users to express themselves in a rather addictive way.

Here at the IMA, we utilize Social Networking to reach a more diverse and (presumably) younger audience.  And, like any institution, we are always looking for ways to stay fresh and relevant.

However, TIME ’s tech writer, Lev Grossman makes a humorous argument as to why Facebook is for ‘Old Fogies.’  After all, Facebook’s fastest-growing demographic are those 30+. Could this be the kiss-of-death?

Illustration by John Cuneo for TIME

Others are predicting Facebook’s demise. Blogger Devin Johnston argues that unless Facebook changes drastically, it will fizzle out in just three years.

Sites like Facebook are doomed unless they radically alter their business and development models to reflect the needs, interests, and capabilities of internet users. There is room for Facebook to move away from providing service and toward assembling the services of others in a single location. Frankly, I think that this is the only way that Facebook will survive the coming revolution in social computing.

That’s a lot to ask of a five year old.

Do YOU think Facebook’s days are numbered? Will it continue to adapt, or be wiped out by something better-faster-stronger?