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?