“Highly anticipated” is an understatement. It feels like people we’ve been waiting for real news about a Facebook IPO forever. I’m ready to get it over with, but there are a few questions left to be answered.

Facebook IPO valuation: $75 billion to $100 billion!?

Love ’em or hate ’em, Facebook is an extremely valuable company. The question is, how valuable?

The paperwork is expected to be filed for a $5 billion Facebook initial public offering with the most recent valuation reported at $83.5 billion.

It’s really not that crazy when you look at Facebook’s user growth (right), and consider its dominance in the social media space.

But Facebook’s IPO could fall flat short of expectations. New technology cycles usually end up having one dominant player, and it usually ends up being worth around $200 billion (think Microsoft).

With the entrance of Google Plus on the social scene, Facebook could be worth a lot less. Google has a lot of control over the average internet user’s web experience, and it looks like they’re going to cram Google Plus down our throats.

It’s clear that Google is gunning for that #1 spot in the social media market. Will Google Plus reach social media dominance before Facebook IPOs? I’m sure Zuckerberg hopes not.

When should I invest after the Facebook IPO? 

Zynga, the last big dot com IPO, closed at 5% below its initial public offering price at the end of its first trading day in December. But back in May, LinkedIn’s shares doubled in the first day of trading and even retained most of its gains in the second day.

This first day of trading can be a strong indicator of the longevity of the stock. According to a study done last year, the five best IPOs of 2011 posted healthy first-day gains. So, if you do decide to invest and don’t mind missing out on a potential big first day, you may want to wait until after the first day or two of trading.

We’re still months away from the Facebook IPO, which means we have some time to think about it and discuss with our inner circle of advisors.

What do you think the Facebook IPO will be like?  Will you buy Facebook stock? Weigh in on the Quipol and in the comments below: