Honestly, you have to be blind not to see the business model and assets that they are building. Go to http://www.facebook.com/ads http://www.facebook.com/ads a

Honestly, you have to be blind not to see the business model and assets that they are building. Go to http://www.facebook.com/ads http://www.facebook.com/ads and take a look. You can target ads at "all doctors under 30 in the chicago area that went to a ivy league school". This type of targeting can lead to huge CPMs. One example of where they could go: they are one cookie away from a significant branding ad platform. Another idea: advertise on keywords in activity streams. Tie this to the branding ad network above. Update: Not clear why this is getting downvoted. These are two huge opportunities for Facebook that could easily justify big multiples. And people said the same thing about Google (no serious business model) before it went public.