Friendster is barely surviving.
About a year ago, majority of my family and high school friends were still in friendster. I still have friendster bookmarked in my laptop.
My family discovered facebook and the joys of farmville. My high school classmates and friends somehow migrated to facebook. I reformatted my computer several times and no longer included friendster in my bookmarks.
A social networking site works only if majority of the people you know are there. It also relies on the number of its users and how often they visit and update the site. Friendster lost these.
I am now a happy facebook user and very rarely visit friendster (I think I visited friendster only today after a few months).
Friendster will die, sooner or later.