Botched IPO yes, expensive relative to any number you want to look at, yes. But long term this is still a powerhouse that has transformed the online advertising landscape and whose valuation will continue to climb into the foreseeable future.
I've done a little with GOOG's AdWords as well as Facebook's advertising platform, and what you have to appreciate about FB's ad platform is how targeted it can get. You can select an age range, gender, interests, fans of a certain page, it's endless the customization you can do.
I think there's plenty of support at $30 - maybe it will dip below it for a hot second but looking at the valuation, less than 65B now for a company valued at 100 just a week ago, I think a pretty strong buy here.