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With people throwing around numbers like $10 to $15 billion as a price tag for Facebook, Rupert Murdoch responded saying the valuations were senseless.

He said it made "no sense" for any company to buy or buy a stake in Facebook, which would value it at those numbers.

Murdoch added: "Facebook is a utility – I won't say it's a phone book, but a utility. No one knows what this scene is going to look like in five or 10 years, so the notion of paying a multiple of 100 times revenues, let alone profits, doesn't make any sense."

Some media companies are looking at the growth of Facebook, and thinking of it as an advertising paradise.

Surprisingly, even though Facebook is growing faster by percentage than Myspace (NWS-A), it's not growing faster numerically.

Even so, in the end, if someone is dumb enough to pay that kind of money for a stake in Facebook, or even all the company, the founders and investors won't hesitate to cooperate with them.

Murdoch is right about Facebook though, in that it is impossible with the type of business they are in, to project out over a five to ten year period the revenue they will generate. That makes any investment in the company a major risk.

Many people thought YouTube would be a revenue generating machine for Google (GOOG), and it still has yet to really make any money. Large numbers of visitors don't necessarily equate with revenue and profits. Facebook has yet to prove they will be stable and generate and grow revenue and profits over the years ahead.

What is being said, is Facebook can't be understood at this time. If a company can't be understood, as far as predictable revenue and profits, there is no way you can make a valuation for them. That's why the numbers being thrown around are really senseless.

But like I said, if someone's willing to take that type of risk, I'm sure no one will try to stop them.