Facebook’s $5 billion IPO filing will make it the largest web company IPO in history.  The engineers that stuck it out for the long haul are doing victory dances.  However what does that mean for the rest of us?  What other ripple effects will the IPO have on our economy?

1. Real estate prices: According to a talk on NPR this morning, real estate agents are getting ready to see a spike in Silicon Valley new home purchases from the newly rich Facebook employees. This may create a buying frenzy in the whole area, carrying over to other bay area residential and business areas.

2. Mobile advertising: According to the S-1 filing, Facebook plans to massively expand its mobile reach.  In the past four months, mobile users have increased 21%. Currently Facebook mobile is ad free, although a high percentage of Facebook’s revenue has come from its site advertising.  As we use our mobile device more and more, we can only expect advertisers to follow us.

3. Social Gaming: With the IPO filing, Facebook has to spend about $10B of the money they raise.  Given that third party games still generate a lot of revenue for Facebook, many wonder if they won’t try to invest in the space themselves and act as a first party publisher.  Internal development would allow Facebook to be leader in the space and create a fuller mobile offering.

4. Privacy: Everyone wants to know how Facebook will handle privacy post IPO. An IPO means Wall Street expectations to monetize, monetize, monetize.  Unfortunately for consumers this could be our personal data.  It will be interesting to see how the company will still build a community that caters to us while making money off of us.

We may see massive Facebook changes now that it’s married to Wall Street.  However, remember that Mark Zuckerberg still own nearly 28 % of the company. Hopefully with his leadership, we’ll still be old school messaging and sharing. Who knows, maybe we’ll start throwing sheep at each other again.