Is their irrational exuberance in the social networking world these days? A billion dollar price tag for the less technologically savvy site Linked In could hint at such a bubble. Yes it generates revenues already unlike many companies during the dot come heyday.

On the flipside, times are ripe for innovative social networking sites built by entrepreneurs, as long as you can attract a following - which is getting harder and harder in the crowded social networking world.

LinkedIn is unique in that it is a "professional networking" social network site. The "quality" of user is different than that of other sites. E.g. you will unlikely find one picture of a drunken escapade on the site.

I agree, I think Linked In is wildly overpriced...druken pictures notwithstanding.