Not until well after their IPO and the bubble bursts on the absurd 40, 50, 75 billion-dollar valuations we're seeing now, IMO. Entering search actually brings on some risk, because if they screw it up, or if it doesn't take, a lot of Facebook's future equity goes up in smoke.

It already did. In fact, it has from the beginning. You can search Facebook. If you want a paradigm, Facebook = AOL in the sense that it's a walled garden.