I thought Google was overvalued. Just look at this statistic...
At $35 a share, Facebook would be valued at 70 times its projected 2012 earnings of 50 cents a share, and 18 times its estimated revenue of $5 billion. By comparison, Google trades at $610 a share, but trades at less than 15 times its 2012 profit estimate and six times its revenue.
Facebook is valued as 3x more valuable than google. Most companies sell for 1x revenue on average. This is 18 times revenue and is already seeing a slowing in new user adoption and ad revenue