Friendster -> MySpace : Poor Technical Execution -> Good Technical Execution, Less Features -> More Features, Niche/Techie -> Mainstream.
I would have to say that FriendFeed may take over in the Techie crowd, but it's not the mainstream equivalent of Twitter because it is too reliant on existing usage of other techie sites.
Facebook, with a little tweaking, is well positioned to be the mainstream Twitter. It already has a 'Feed', Mobile Updates, IM client. You may argue that the essence of Twitter is more than the sum of those parts, but for the Mainstream, a tweaked Mobile Personal Facebook Messaging would probably make an acceptable Twitter.
Alternately, Plurk has a very 'teen high school girls would love this' feel to it. Very interested to see how it develops.
I would argue it's FriendFeed.
A race for the distant 2nd:
- Plurk - Pownce - Disqus (strange - but possible)