Look, 2009 was a "flush" year. Market rallies were constrained by the low baseline set at the end of 2008, unemployment was high and caution defined nearly every corporate decision. The travel market sucked. The art market sucked. The financial industry labored on with the support of taxpayer money while 140 banks were forced to call it quits. So, we turn to the new year, as yet undefined, for excitement of the type we want ... and it seems likely to deliver. As Nero played from the rooftops, the social media industry inched forward to the climax we hope to see this year -- the initial public offering.

The action hasn't really begun, and the signals emitted are open to various interpretations. Nonetheless, Facebook's new dual-class stock structure is hard to miss, as it would protect the influence of early entrants to the company -- either as investors or options-compensated employees in the event that the 350 million-strong social networking site brings ownership opportunities to the public.

Lately, the market for local online advertising has heated up. Based on various reports, it looks like Google (GOOG) was ready to pay $550 million for Yelp, which is a leader in the space. But the deal fell to pieces -- probably because of a disagreement on the valuation.

This definitely bodes well for another player, ReachLocal. In fact, this week the company filed to go public.

Although a purchase of local community Web powerhouse Yelp would have let Google (GOOG) instantly become a repository of local web habits and usage -- a nut it hasn't yet cracked -- the deal apparently won't happen.

Yelp's founder reportedly walked away from a $500 million deal with Google, signaling that there is more money to be made elsewhere, or that he sees other partnerships as the answer, not a sellout to Google.

Google (GOOG) is looking to expand its reach into the user-generated content market. It's reportedly in discussions with Yelp, a user review and ratings site that covers everything from recruiters to restaurants. The selling price is expected to be more than $500 million ... if Google and Yelp are able to reach a deal.

Will the negotiations go anywhere? As usual, there are no guarantees, and this isn't the first time Google's talked to Yelp about an acquisition. In past years, Google has shown some interest in the site, but this time around, it looks like the action's becoming serious, according to the New York Times.