The P's are alive and well, they just have new incarnations.
promotion -the piece claims that Facebook hasn't done any promoting. This is ridiculous. How many articles run on major tech journals anytime FB changes anything? This isn't coincidental, they have a PR team that handles press releases etc. Most online businesses do.
place -this has definitely changed the most but it's still important. Where your site is placed in the rank of search engines etc. -How easy is it to find your product? ----place.
price -Yeah... price doesn't matter. Own an online retail store and tell me that price isn't a major factor!
product - The only "P" that matters according to this piece. In an online business environment, your product is comprised of the previous "p"'s.
The only way you can increase the value of your brand is by increasing the value of your offering -Hmmm, and how do you do that?
1. You make sure people know about it: promotion
2. You make sure it's easily accessible: place
3. You make sure it's properly valued: price
4. You make sure it fulfills a need: product
The only thing that is Dead is any online business that willfully disregards any of the "P"s mentioned.