I think facebook are in it for the long haul, might even do an ipo and be almost google sized themselves
They will be/are profitable and will probably IPO, but I don't think it'll be huge. The numbers don't justify it.
Unless they have something crazy up their sleeves, which is a definite possibility.
FaceBook also has the advantage of being locally-based: ads can be targetted very specifically to people within range of local businesses. People don't really search for restaurants within walking distance, and even if they did, Google doesn't know where they're located. Facebook does, however, and can display ads for local businesses that the user might not be looking for now but might want to visit later.
"Facebook dominated the most monetizable activity on the internet: connecting people together"