Not that you needed to be reminded of course … but it’s worth watching coverage of Zynga throughout the day today. This is set to be the most anticipated IPO of the year, even more than Groupon, given the impact the daily deals site’s IPO has had on the market as a whole.

1. Will Zynga price within its range? This is a tough one, but I think so. The company has lowered its expectations (as well as capital raise and valuation) enough since going public, that the numbers CEO Mark Pincus rolled out to prospective investors on the IPO roadshow are probably near enough to what the money men will stomach. I will admit that I’ll be surprised if the IPO upsizes. If it does, that just means …

2. Will investors get in and get out? My guess: yes. To me, this is a no-brainer. Despite the talking heads who talk about Zynga having a real and sustainable business, I just don’t buy it. The company’s financials are flimsy, and even with plans to diversify, it’s still over-dependent on Facebook. For a company that relies on big game releases to feed its coffers, we haven’t seen many since the S-1 filing, and its existing properties are growing stale.

3. Will Zynga pop right out of the gate? I think so, and I think it’s pretty obvious. There’s enough buzz about Zynga, and the company announced it had sufficient interest to cover the offer a while ago.

4. What happens next? as we saw with Groupon, it will take some time for the shorts to get their hands on this stock, and the company will have some breathing room. But, that won’t last forever. By the first day of 2012, I suspect Zynga’s stock won’t look the way it does at tomorrow’s closing bell. My opinion, my guess — and if I screw it up, I invite you to skewer me later.

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Photo: Marc van der Chijs via Flickr