Where Did Aol Go Wrong?

The past several years have not been good to America Online. First, the disastrous merger with TimeWarner, and most recently, the acquisition of social-networking site Bebo for $850 million in cash which will conclude with Bebo being shuttered or sold next month. But that Aol still exists, despite being founded on a business model that's been dead for a good seven years, is nothing short of miraculous.