The law of leadership is convincing people that you are the first in a particular market.
It is easier to convince someone that you are first rather than convince them that you have a better product
The leading brand in a category are usually the first in the mind of consumers
People tend to stick with what they've got
One reason why the first brand in a category is the best known is because it tends to become generic
Marketing is a battle of perceptions, not products – if you are the first then you must be the best (even if your product is inferior, it is seen as being the best)
As for the next line of reasoning - The leading brand in a category are usually the first in the mind of consumers -- I don't think has changed either (chicken and egg quandary, anyone?).
People tend to stick with what they’ve got - again, human nature I think bears this out, but the onset of social media provides countless more opportunities for people to try what they don't have. Why? The influence of opinion leaders. People are too busy living their lives to have a fully-formed opinion about every last topic under the sun, but they will rely on the opinion of a trusted friend or colleague (or the tendencies of numerous people around them).
Semi-related sidebar: you owe it to yourself to read "The Crowd: A Study of the Popular Mind" by Gustave Le Bon, an amazing book on social psychology.
One reason why the first brand in a category is the best known is because it tends to become generic. I could pull out the obvious examples of Thermos, or Kleenex (or lesser know examples like "Aspirin", once a trade name from Bayer), but I'll make a more recent example: in recent memory, you'll likely have heard someone just as readily say "I googled" as opposed to "I searched." I don't think this aspect of the "law of leadership" has changed.
Marketing is a battle of perceptions, not products – if you are the first then you must be the best (even if your product is inferior, it is seen as being the best). Now this is an area that I think social media has the potential to turn on its ear. Products are in use by influencers who are immediately making themselves heard via social media, and launching their own salvos into the fray in the battle of perceptions, intentionally or unintentionally (or just for the laughs-- be forewarned that "some men just want to watch the world burn"). So while the basic premise of this aspect of the law is unchanged -- marketing is a battle of perceptions -- social media tools (weapons of the marketing battle) are already being wielded to sway that battle. As for inferior products, I see social media changing that as well. If your product or service is inferior, the world is going to know about it - and fast, through blogs, tweets, and viral videos.

(Image courtesy Roger Lynn, per Creative Commons)
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