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The reason these sites are bought for so much money is because the big companies are scared that they will lose out on things. So they buy whatever they can with their big stock portfolios...
I still doubt any of these places are worth a dime really, except to the people that created and sold them...
Investors also are totally scared of losing out, now is the time to get VC again for internet sites... think of a site that does something with "blogs", "xml", "social networking", "ajax", "web 2.0" or any combination thereof and as long as you can write a good plan you are sure to get big VC....
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"Think about it a little more and you'll agree with me, because you're smart and I'm right."
- Charlie Munger
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