The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Andy Obermueller NEW YORK ( StreetAuthority) -- While the mainstream financial media chases every conceivable Facebook angle ahead of its initial public offering, which is expected sometime in May, it's important not to get lost in the frenzy. About $5 billion worth of shares will be sold, though the deal values the entire enterprise at between $75 billion and $100 billion. Only a little more than two dozen U.S. companies have a market cap that size. Remember, all stock trades are ultimately a matter of valuation, and valuation is always a matter of perspective. Perspective almost always needs to be checked, and that is certainly so with the level of hype that is surrounding this IPO. So is Facebook's underlying business worth owning? To figure this out, I recommend keeping several things in mind. 1. You should be interested in "What's next." Facebook is "What's now." Everyone already has a Facebook account. How much can it grow from here? That's not a rhetorical question: It's a quantifiable one.