Is Facebook overrated?

In amongst the hype and the frenzy, comes this from Time magazine:

“You want to buy low expectations,” says David Trainer, president of the business-valuation firm New Constructs. Google went public amid widespread skepticism, but Facebook has been anointed by its boosters as the next Google, despite MySpace’s bigger audience and deeper pockets. As is always the case with the Web, some investors are going to make epic amounts of money. Others won’t.