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I hope Twitter doesn't go under, but the concept of getting millions of people hokked on your site and then charging them at a later date might work. I am sure that they will lose probably 50% of their member base, however $1 a month or even a lower $5 a year is so low most people would pay that probably, rather than use a poorer quality alternative.
New sites are coming out all the time though, all with new ideas and gimmicks. One of the highlights for this year is surely going to be "Tagfoot", a site with a breath of fresh air, which I think will sweep a lot of traffic from Digg for a start. Tagfoot is close to coming out of Beta Test and closed to new members (except by invitation). We have an article on our blog about Tafoot, and can also extend an invitation to join to anyone who would like to test drive what could be the social networking site of the year.