The basic concept of Friendfeed is technically sound: there are just way too many Web2.0 services around (facebook, myspace, blog, twitter, digg, delicious, linkedin, etc, etc), so why not put them together in one single place so that people can more easily track their friends?
However, this only works if the feeds are homogeneous, not only in terms of content but also the social psychological roles. It is perfectly OK to gather all news feeds from different RSS sources into one reader, as they are reasonably similar (except for the few like Dick Cheney who only watches Fox news). But I find it odd to mix up different services, like Facebook and twitter, which feels just like putting my bedroom and office together. People visit individual services with a specific goal or mood in mind, e.g. Facebook for meeting with private friends, and twitter for sharing quick thoughts with the public world.
There are indeed too many Web2.0 stuff and they need consolidation, but I doubt it will ever go down to just one (from the pure functional point of view without considering antitrust issues). The consolidation will eventually come, and I bet it will be fun to watch.
that I simply could not track down the original ownership (even until today).