Cons

1.     Employees self-proclaim “we don’t do any work!”

2.     First serious attempt at monetization was a disaster

3.     Early scam artists are now investors

4.     Struck a deal with Microsoft, not Google

5.     CEO is regarded as a ‘douche bag’

6.     MySpace still crushes FB in terms of eyeballs and MySpace really sucks

7.     The younger generation is all about Webkinz

8.     FB top engineer masquerades as a stripper on weekends

9.     Facebook’s idea of good PR is a 60 Minutes special

10.  The valuation is crazy even compared to companies making real revenues

Pros

1.     Catching up to Myspace like a Ferrari

2.     Has a war chest of cash on hand

3.     Even with a crazy valuation, new investors continue to emerge

4.     Top engineering talent is jumping ship to work at Facebook

5.     Is hiring a full-time chef

6.     Extremely talented ultimate Frisbee team. Better than Google.

7.     Has so many opportunities for monetization that one is bound to work

8.     Social network ad spending set to increase despite looming recession

9.     FB is supporting the data portability movement

10.  Despite many, many, bad fuckups, users stick with it