It’s been a busy day here at SXSW and beyond all the fun and activities, the Facebook keynote was one that was highly anticipated by everyone. Unfortunately it ended up to be a pretty big gong show. Beyond a lack of wifi for live blogging over on Shift Edit, the talk was pretty lame.

GigaOM did a good job of summing it all up…

Efficiency and connectedness were certainly the words of the hour from Zuckerberg. Maybe it was his audience of users and Facebook developers in the packed ballroom of the Austin Convention Center, but his message was tailored more to the Facebook vision rather than any substantive talk about what the platform may go next in terms of features and monetization.

It’s the kind of starry-eyed idealism that is either patently untrue or shows how much Zuckerberg still needs to learn about running a company. I’m all for staying focused on your business rather than chasing every dollar, but at the end of the day a company whose CEO is focused on communicating a message rather than figuring out how to turn a profit is delusional. Sure, sometimes the Field-of-Dreams approach works, but sometimes it just ends up like Kozmo or Webvan.

I’ve got to agree. Can a green, 23 year old CEO really pull it all together and make the magic happen? After listening to Zuckerberg talk, he’s definitely a smart guy and has definitely learned a lot from his PR coach, but I’m not convinced he should have the CEO title. Perfect example of the need to step back and find someone who can focus on making the venture profitable. There is nothing wrong with a “Founder” title, especially for someone who is so obviously passionate about the product development and lacks the experience and mindset to hammer out the profit.

As for the gong show portion, it all came care of Sarah Lacy’s pathetic attempt at facilitating the interview. From my perspective, she came off more as a Zuckerberg stalker than a journalist and ended up getting herself some pretty harsh feedback from the back channel.