This article is a voice of reason in all the hype, drawing some good parallels with companies previously that had overwhelming high valuations beyond their actual value:
http://edition.cnn.com/2011/OPINION/01/07/rushkoff.facebook.myspace/?hpt=Sbin
Social networking has a place for sure, but people will move on to the next popular thing and will resent a company seeking to control everything in the space.
Also the author points out that Goldman Sachs investing might be to lure in investors while they are selling lay opportunities to investors. Just like they did betting against the investments they were selling.
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