Facebook’s splashy IPO was meant to herald in the new social era. Instead, it has reconfirmed the hype cycle. Facebook’s honeymoon period of inflated expecatations soon cratered into the trough of disappointment, at least among traders and the Silicon Valley cognoscenti. Debuting at $38 and once trading at $45, the stock price keeps heading in the wrong direction, closing yesterday at about $20. The doubts keep mounting: privacy issues around its sponsored stories ad program, advertiser doubts on ROI, spam bots, doubts of high-valuation, executives leaving, the upcoming investor lockup period ending when more shares are released. But the funny thing is that Facebook is, at the moment, a successful business, generating $1.18…