Will they get that price? Read about it on Silicon Beat.
BTW -- why not? It's one of the biggest, most vibrant communities out there. Bubble or not, someone is going to make money on this.
UPDATE: Ok, Erick Schonfeld has a very good answer to the general question "why not":
At 7 million members, that values each college-loan-saddled college student who uses the Facebook at $285
million. Excuse me? Now, even accounting for future growth of 10X or even 100X members (forget for a second that there aren't that many college students in the country), and it's still hard to swallow. I don't care if the Facebook is now the seventh most heavily trafficked site on the Web. By that calculation, MySpace on its own would be worth $10.7 billion, based on its estimated 37 million unique users.
Erick is not the only person who thinks the numbers are too high. Search the blogs this morning and you will see some of the reaction.