Define dead?
I made around $300,000 in 12 months from Facebook. There is no way you can make that much again with the current state of Facebook. They are ontop of it. Just look at Facecrooks and Sophos. They report the odd spam, but they are low numbers.
I seen the xBox thing floating about, but Facebook killed it today at 108k likes. On a 10% conversion rate (likes to survey clicks (which is about right)) thats 10800 survey clicks. 10% conversions on those gives you around 1800, average survey being about $1 (which is high), thats still around $1800. Ramp it up to a high guesstimate and lets say he done $5000.
... Which is poor compared to what some of us are used to earning.
Then again, if someone came up to you and said work for 24 hours straight, and I will give you $5000 ... would you do it? Hell ya!
Facebook has defiantly decreased in earning potential compared to the past.
The problem is, as soon as your unique idea goes viral, all the sewer rats clone it, they all pool together with their collective amount of traffic and you're stuff goes dry the moment sophos or Facecrooks get wind.