I'd be wary about investing in Facebook's IPO to begin with. Their revenue model is based around the premise that advertisers can use Facebook's rich data store to have ads targeted to users. The problem is that they're going to get many views but not many clicks. The clicks they do get will likely be accidental, revolving around people seeing something that seamlessly integrates with Facebook's user interface and trying to browse, only realizing that it's an advertisement. What you're going to find is that many advertisers will have a hard time linking Facebook ad clicks to revenue generation, and may have difficulty justifying the cost of a Facebook partnership.

The second is this concept of consumer level brand equity. This revolves around the concept of creating a registered Facebook page that people will "like" on the site. They also post promotional content and get direct feedback from users while creating buzz and conversation all from within the confines of this one page, creating consumer associations . We've seen this for years. Coca Cola, for example, has associated that shade of red on their bottles and that distinctive shape with their brand. They've spent millions in research and advertising to try and condition you to associate winter and Christmas (Polar Bear and Santa ad campaigns) with their brand (because everybody wants an ice cold, sugary, calorie-laden drink during the coldest time of the year), and now they're going to use Facebook to do it with the next generation.