I think you hit the nail square on the head, @elbanditoroso. Social media will continue to evolve well into the future because society itself is far from unfinished. Who knows? Someday even Facebook could fade into irrelevance and general invisibility as better social media platforms emerge to replace it.
At the same time, I would love to see what @Silence04 describes become reality. I abandoned Facebook some time ago because it was becoming too commercialized and, well, too corporate in its look and feel for me.
In response to one of the original questions, yes, it is possible to live without social media, especially if the definition is limited to the all-inclusive platforms of Facebook, Twitter, Tumblr, Reddit and Pinterist. More broadly defined, so sites such as Fluther are included, I find that these more specialized types of social media do improve my overall quality of life because they do provide a form of human connectedness for me.