As a user of Facebook, I will appreciate this change. As I am not an investor, I am neutral towards the change. The biggest obstacle to me investing in Facebook is not the lack of a dividend but the PE multiple and the stock based compensation. The $6 billion buyback sounds nice but it barely makes a difference after the nearly $4 billion (Guru Focus) stock based compensation. Also, the Russian ad scandal makes me worried that various international governments could crack down on Facebook's ability to target ads to specific users which would decrease the value of the soon to be reduced ad space.

My biggest fear is gov't oversight/regulation regarding FB & GOOGL. The P/E doesn't bother me because on a forward basis using average analyst estimates, it's actually pretty low...and when you factor in growth, FB's PEG is about as good as they come valuation wise. My cost basis is far below today's price (even after the dip) but if FB shares continue to fall towards that level I will be happy to buy into this weakness.