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Way to kick a company when it's down: Needham’s Mark May has released a report (PDF) that chastises Yahoo for missing out on the Facebook opportunity. If I remember correctly, we thought Facebook was a pretty good deal at the $1 billion valuation floating around last year, since opening up the site would lead to increased growth - that initial offer was rejected by Facebook, and while Yahoo had more money in reserve, talks eventually ended.
Hindsight is 20-20, of course, but it now seems that Facebook is growing much, much faster than Yahoo projected. Facebook now has 21 million registered users and generates 1.5 billion pageviews daily. In fact, Facebook is generating twice the number of pageviews per user compared to Yahoo's estimates. 93% of registered users are active (log in once a month) and 60% log in daily. And while Photobucket may lead the independent photo hosts, Facebook is a huge force too (and claims to be bigger): 6 million images are uploaded daily.