[blakehill]

One notion that I didn't really see mentioned much in the comments so far is the opportunity for facebook to expand their product. Facebook is essentially a browser. Almost anything can now be done inside that browser. As Geee mentioned, they are collecting so much data, they can expand their ad offerings. Their search product could be more useful than google's. They could become the hub of the internet where all shopping, media consuming, searching, communicating is done.

Because the sheer numbers of users, I am LONG Facebook for the long-term, but will not mess around with the IPO.

Right now, they're making about $2 a year per user. That's not very much. But they're growing users agressively and have only begun to tap the potential of the platform.

If you believe there's a greater than 50% chance they could execute well enough to be successful in just one of the different verticals they could expand to, then I think it makes sense to get in early on the stock.