When people refer to Facebook fatigue and more generally "social network fatigue," it can mean two different things, either that (1) you're bored with social networking and are spending less time with it, or (2) you're generally exhausted from spending too much time keeping up with online interactions with your friends and updating your information. Web 2.0 Asia suggests that social network fatigue hit Korea and Japan a little earlier, in the same way that certain tech trends hit and then decline in Asia ahead of the U.S. and Europe. Apparently, Cyworld in Korea and and Mixi in Japan, have been losing their appeal with users for whom the novelty of online networking has worn off.

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Links to articles about social network fatigue:
'Facebook vatigue' kicks in as people tire of social networks, The Register.
Facebook Fatigue, Economist.com.
Facebook Fatigue: There Is Hope, Portfolio.com.