Jerry Yang, don’t do it !

Jerry, do not buy Facebook. Do not squander billions on a platform that has not yet delivered its mission critical use case.

Mr. Yang, you have one of the most talented developer corps in North America, use the billions that would otherwise be squandered in the acquisition, not to mention the potentially horrible management entanglements, to build a superior product.

Social networking, as it is today embodied by the very immature early platforms, including Facebook, have a long way to go in providing bedrock value, especially in the B2B applications area. There is much good work to be done in really creating a credible, useful and enduring model for social networks, beyond the buzz.

I know that work done to date by Facebook and MySpace is worthy of much applause in the consumer space, and is a potential horizontal advertising and market bonanza, yet I implore you to take a fresh look at the space and innovate with that special Yahoo Voodoo sauce that has, in the past, executed so well.

Here is a chance to do things right, to set a new agenda, and exceed the state of the art.

Just ask H. Hoffman, the shadow CEO of Yahoo, what she thinks….