Spotify is the best music service you’ve never used. That’s because the much-hyped streaming music company is only available for Europeans and for a select few in the U.S. who have either gotten sneak peeks or hacked their way into it. The service took one step toward wider distribution today when Apple approved its iPhone app. But that won’t help U.S. users until the big music labels agree to American distribution deals.

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Looking for lots of specifics about the $200 million at $10 billion valuation deal that Facebook and Digital Sky Technologies just announced? Then you have come to the wrong conference call, my friend. But for what it’s worth, Facebook CEO Mark Zuckerberg did sound fairly upbeat and confident during his chat with reporters Tuesday morning–the way you’d expect someone who just cashed a check for a couple hundred million to sound.

The big picture: Even though Facebook’s official valuation has slid from $15 billion (November 2007, when Microsoft invested) to $10 billion, Zuckerberg is OK with that, arguing that 1) that deal was done at the peak of the market, and 2) it was never really a financial deal, but a way for Microsoft to partner up with Facebook.

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Facebook is indeed taking money from Russian investors Digital Sky Technologies. As previously reported, the social network is selling $200 million of preferred stock at a $10 billion valuation; DST will also buy up to $100 million of common stock at a lower valuation later this year.

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Here’s the newest twist in the Facebook valuation/funding saga: Russian investors have reportedly offered to sink up to $350 million in Mark Zuckerberg’s social network–at two different valuations. The Wall Street Journal says investment group Digital Sky Technologies has offered to spend $200 million on a chunk of the company’s preferred stock at a $10 billion valuation, and is also offering to buy up to $150 million worth of the company’s common stock at a $6.5 billion valuation.

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Mark Zuckberg’s company has come a long way since the Harvard dorms. But if it wants to measure up against Silicon Valley’s most successful start-up of the last 20 years, it has some work ahead of it.

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Want access to Facebook’s user base, which has now cracked 150 million? Then you’re going to need to play by Facebook’s rules.
Last week Facebook sued Power.com, a social network aggregator, because the company allowed Facebook users to plug into the site without actually visiting Facebook itself. Today, instant-messaging aggregator Meebo is unplugging itself from Facebook rather than face the same kinds of legal problems.

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Good news for Mark Zuckerberg and company: More and more people are spending the holidays with their virtual friends on Facebook.

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Four days after MySpace cut the legs out from under Project Playlist by disabling the music streaming service’s app, Facebook is following suit.

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