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Is this that moment in time where because popular opinion says we're in a bubble, we're actually NOT in a bubble?

Just food for thought - check out http://www.qwiki.com/for-publishers.

Let's say that they pick up a reasonable number of tier-1 publishers into this format.

Heck maybe they already have commitments and that was part of their pitch in raising the additional $8m.

How would that change your perception of their valuation?

Beyond that, look at the "team" page.

Content monetization is a HUGE area of opportunity online and that's one heck of a team they've compiled - would you rather give those guys $8m and bet on a huge one or throw your money into the stack at AOL's public offering?

I think the OP is forgetting that what the product does now is largely irrelevant to a good investor. It's what the product can or will do that makes it worth investing in.

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