The implications of this decision are huge and dovetail with some of my thoughts last fall. I’m excited to see an open network emerge, as both a consumer of social media and an observer of competitive strategy in the sector. I wonder if MySpace will be forced to change its current position on third-party widgets? If Facebook’s rate of growth accelerates further, I think it will.

I’d even venture to agree with Paul Allen (not that one) that Facebook has a real shot at becoming the largest social network and the next great public internet company.

As usual, Josh Kopelman and Fred Wilson have some good insights.

I’ve really wanted to find a “general purpose” social network that I like, one which “plays well” with other vertical applications. Given its new commitment to an open approach, I’ll be spending more time on Facebook, and I expect many others will too.