In that time span, you can miss a lot of stuff. For instance, . You can use their open API to build a variety of applications, including Twitter, iLike, Flickr. Washington Post even built a cool political thermometer than you can post on your profile. It's still a lot cleaner than MySpace, and I feel safer on Facebook. The guys in Palo Alto are doing a great job with this startup. Not to mention, you can , and use to build applications. Another crazy masterpiece is Justin.tv. I have a fascination with lifecasting, and this site gets better every time I check it. You can watch an internet video technology company start from the ground up. You can even interact with it. Sometimes, it's a still video of a computer chair, but other times, it's a live person using the Internet. 
I know it sounds weird, but it's really interesting to watch someone live. No matter what they are doing. There's just something about the fact that you have the power to interact with someone almost as if they were right in front of you, but they could be anywhere in the world.
Other stuff
Microsoft has working behind the scenes on innovative new projects. Check out the Surface computer:
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