A managerial introduction to Network Effects (also known as Network Externalities or Metcalfe's Law) explains why some products become more valuable as more people use them. The Facebook case follows this introduction. Facebook is rapidly growing beyond its undergrad roots. But is the site destined to be the next Google (a profit gusher), the next Skype (a 220 million user market-disrupter with few profits), or the next GeoCities (once the #3 most popular web destination, now nowhere)? The F8 application platform effort is discussed, along with the failure of the Facebook Beacon consumer targeting effort.