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Although it’s only 6 years old, Facebook has reached a considerable level of success. It is the largest social network, and just last month, it announced that it had more than 500 million users. Not many companies have this much success in such a short period of time, and those that do, make up an elite group.

Incidentally, another company that is included in this select group is Google. Although Facebook has been likened to the search and advertising giant on many occasions, the list of similarities might get a little longer in the near future. Speculation has it that Google is in the process of developing a Facebook rival called “Google Me.”

Google has had several failed attempts in social with products such as Sidewiki, Wave, and Buzz. However, there are no signs that it is giving up in its quest for social success, especially, since it recently acquired Slide and Jambool.

Even if it is developing the rumored “Google Me,” could it really compete with Facebook? As we all know, Google is clearly the leader in both search and advertising. So, is social the only element it is missing?

WebProNews spoke with Ed DeRosa, News Editor with the Thoroughbred Times, who said he did not believe Google could create a product that could legitimately compete with Facebook.

“If you’re already on Facebook, I don’t really see any migration to another platform that Google would offer. We’ve seen what Facebook did to MySpace – they crushed them,” said DeRosa.

On the other side of the equation, since Facebook has the social component mastered, is it trying to extend its success to other areas? It already has access to valuable user information. In addition, there is speculation that it could expand its advertising platform to other sites, which could pose a direct threat to Google’s AdSense. All that said, is Facebook the one that is trying to outpace Google?

Emily Sandford of Office Suites PLUS tells WPN that she believes the two companies will grow more and more similar with time. She said, “It’s really going to be an interesting fight to watch.”

What are your thoughts on this issue? Do you believe Google wants to be a viable social competitor to Facebook? Or, is the social network looking to take on the search and advertising giant?