On the flip side though, isn't this a matter of scale? What if: Facebook is not building a website - it's building a sub-section of the internet; a private wal

On the flip side though, isn't this a matter of scale? What if: Facebook is not building a website - it's building a sub-section of the internet; a private walled garden for it's enormous userbase; an ecosystem of subscribers to rival the viewer-ship normally attributed to mass media outlets. Yes, the infrastructure investment is enormous. But if this is true, revenue comes through efficiencies and leverage further down the track. The 'low hanging fruit' problem that applies to the players who feed off ecosystems doesn't apply to the player who operates it. 100 P/E today? That's almost certainly wrong, I think, but it'll be interesting to see what they do with what they've created, now that earnings pressure will start to really screw down.