There is room for all of Facebook, live updates, and all the other sites that analyse things. As I see it updates is really only about communicating who won and what the heat results & scores are in as quick a time as possible. The dissection, analysis, praising, and criticising can come later. Which ever people see as their favourite or which they think is better is up to them. Some people want every minute detail, some only want to know who won.
My only issue is I hate duplication of effort. This year a representative from MA is updating the Australian Championship Facebook page quite soon after it happens, and this is the first year they have done that. If it continues it will reduce the significance of live updates and live updates may end up ceasing altogether, but let it be said live updates has filled a void for about 10 years. We all know of certain sites that have used what was on updates to ghost write articles for their own publications so updates has both directly and indirectly helped spread the word.
However, social media like Facebook is the way things are going and the more traditional forums seem to be dying out. I have no issue if updates eventually fades into the background where the Australian Championships are concerned, although those that don’t like Facebook will still look at updates. In 15 years Facebook will probably have had its day as well and we all will have moved on to the next platform anyway.