There is a boom within the boom taking place. It seems that just about every consumer Internet startup has released or is working on a Facebook application. Facebook provides an amazing distribution opportunity for companies looking to accelerate their customer base and awareness. I was at a Lunch 2.0 event @AOL the other day, where I ended up spending half the time talking about Facebook application strategies and technical challenges. There was a solid represenation of Facebook application developers/consultants, and those looking for these technical experts.

The poster child for how to do a Facebook app right is iLike. iLike has a strong myspace following, and has used this experience and knowledge to producing a robust Facebook application. If you check out iLike's web-site, there is no mention of their Facebook app in their FAQ's, but plenty of myspace Q&A. They currently have 5,971,561 Facebook users.

According to most developers, the technical challenges in developing a Facebook application is low. Still, creating a successful Facebook app is not easy. As with the web, a functional application is not enough to ensure widespread adoption. For companies like iLike and Slide who have figured out how to harness the power of the Facebook network and platform, the payoff is substantial. For others, the Facebook opportunity will take more experimention and research before a payoff is realized. Those looking to make a hit of Facebook should be prepared to iterate and invest in their Facebook strategy.

The hype behind the F8 is enormous, some of it warranted, and some overblown. How fast can Facebook expand? The expectations could not be higher. One thing is certain, it is a great time to be a Facebook developer, employee or shareholder.