The talk about Facebook IPO is heating up again. Although we are not in the best of times when it comes to stock market valuations, investors are still paying a premium for growth opportunities as evidenced in the recent IPOs of Groupon (GRPN), Linkedin (LNKD) and others. The next two major ones are Facebook and Zynga which are very interdependent. The main problems are that in some cases, the accounting practices used by these companies are questionable, which could result in exaggerated favorable numbers, especially when coupled with their short history. Also, the growth story that is being sold to investors may be overrated. In terms of traffic, Facebook seems to be plateauing (also evidenced in alexa.com). It will be interesting to watch how the IPO will be marketed. I will be very skeptical of high projected growth numbers.