The media does like stories, and nothing better than building something up to be huge, and then shooting it down. Recent episodes of this include Microsoft and Apple.
But despite what the media says, or how powerful the media seems to believe it is, Microsoft, Apple and Facebook are still strong and huge. The average person just does not concern themselves with what seems to be SO important to the media.
In regards to facebook, the simple fact is that we have all been losing privacy for many years, thanks to technology. We are photographed, filmed, tracked, catalogued so many times in the modern day, and this worries the majority very little. They still carry supermarket loyalty cards, fill out surveys, put in their real names and addresses.
I can't see this affecting facebook in any meaningful way. I wish I was wrong.