The other side of the coin I've been trying to preach. Left and right you see Facebook making some kind of big marketing maneuver, some new ad partner.

Maybe I'm naive to this new wave of web based business, but how has Facebook managed to partner up with Microsoft, and all of these other ad providers and not raise a single dime?

I understand what you're saying, but anytime you have hundreds of millions of people using a service, there are lots of ways that you can add value without undermining the primary utility; in many cases you can actually enhance it.