You know, I didn't "get" twitter either when it launched. Heck it still might be suspect.
I have a feeling that Qwiki's value may be more under the covers with respect to its processing of data then the consumer facing product we currently see. Or it could just be overhyped.
With respect to a current bubble. This is a round with 7 investors (mostly individuals) dipping their toes. I think if you're looking for signs of a bubble this is a bunch of people with money to spend and an interesting product. It doesn't really show much irrational exuberance.