Put another way, Facebook is expecting to be able to create $94 of cash for each of its current active users over the future to eternity, discounted by an appro

Put another way, Facebook is expecting to be able to create $94 of cash for each of its current active users over the future to eternity, discounted by an appropriate factor. That doesn't seem outlandish: it's $0.80/mo per user of value over 10 years. If they add users, it's less. If they add/extend their product offerings/partnerships/etc., the numbers seem a lot more achievable. That said, I'm not buying the IPO because it seems fully valued already.