I can't imagine it costs less than $1 million to bring this concept to reality with all these options. How much did Apple spend on development of the first iPhone?
NBC Universal has done pretty well with an advertising funded business model, very valuable for a long time. Facebook does have a product. It is just intellectual, not physical. Also, they have good information, AND a stage to sell advertising. This is, and will continue to be, a killer combo that I would want my money in.