"We see substantial opportunities for FB to add travel services ... it would work even better than FB gifts. E.g., Here's a link to buy a discounted ticket to see your friend in __________. You even get the FB discount."
Note to GS: I really see more opportunity in travel than gifts. Because? With gifts, unless you own the whole process like Amazon, you're not raking that much in in commissions. Whereas with travel, no one expects you to own the whole process. You subcontract with someone like Expedia ... and you're commissions are going to be a lot higher.
Advertising is okay but not great. Then some technical initiatives could be good but they are a lot of work and costly... and could take a long time to pan out. But anything FB can just license is like free money. Licensing opportunities seem almost unlimited, so FB just needs to pick the best opportunities with the best partners ... and then watch the fees roll in.