I'm not convinced a company like Facebook is avoiding going public because of SOX. Facebook has >2,000 employees and massive revenue, they can't afford to have a decent accounting department? Facebook is significantly larger and has higher revenue than the majority of publically traded companies.

And considering how many Facebook employees have stock, you would think they would all be clamoring for an IPO.

Facebook has a shockingly high valuation, perhaps they are afraid that if they IPO it will not match expectations during this economy. Better to wait until boom times and get great return on your IPO than do it now with stock prices depressed.