Facebook IP is it a bust or an IPO success?

Today's Facebook IPO came and went, and the price of the stock which was offered at the end at $38 per share pretty much closed slightly above that price after the market closed.  Many people considering this a "failure" as everyone was hyping up the price to be in the 70s or even higher.

But looking at this from another point of view - Facebook had almost all of the major investment banks involved in planning the IPO.  Thus the stock and offering was priced exactly right:

1. Facebook did not leave any money on the table, thus offering the right price and right number of shares for the IPO
2. The banks got their piece by correctly pricing the IPO and not letting the stock slide below the offer price thus collecting their share of the profits between the offer price and the price they paid for the stock
3. Almost all the shares were placed long before the actual IPO day.

So examining this situation from an IPO process and comparing to some of the other recent IPOs (Google for example), Facebook and the bankers did a great job.

Now, whether I think Facebook is a good investment at the current price, that is another topic for another day.