Facebook is today what Microsoft was in the '90s. With a soaring stock price and a solid, if somewhat staid, core product that enjoys a near monopoly in crucial markets, the company looks for nebulous long-term innovation by buying interesting startups in various fields and promising them near-term independence.

Microsoft's shopping spree included companies like WebTV, Hotmail, Softimage and Bungie. Maybe Facebook will also splurge on a game studio soon.