As everyone probably knows by now, Facebook's latest valuation has been pegged at $15 billion.  In addition to Microsoft buying in, two hedge funds have reportedly joined the action for the same price as well, adding another $500 million in funding.  Looks like News Corp. got a really good deal on MySpace.

I really don't have anything to add to the discussion (as everyone's saying everything there is to be said all over the internet), but it will be very interesting to see how this all turns out.

Jason Calacanis just defined web 3.0 for everyone.  However, read the comments and you'll find that a lot of people disagree.

Everyone talks about how Web 1.0 was about machines and Web 2.0 is about user-generated content, but I have a different way of looking at it.  Didn't Web 2.0 happen because a market crash ended Web 1.0?  How can we define Web 3.0 without a second crash?  Maybe all this Web 3.0 stuff is all part of 2.0, and 3.0 will be about something entirely different.

I still find it amazing how, throughout this entire discussion, no one has mentioned money, economics, profitability, or anything even remotely related to actual business.