Just read an article on the how Small sites are fetching lofty prices as Big Media chases their young followers.

When someone like News Corp. Chairman Rupert Murdoch sets aside $1 billion for Web buys, it’s clear that prices are destined to inflate. In July, Murdoch plunked down $580 million to buy MySpace.com, the social networking leader. Because users of sites such as MySpace are largely under 25, investors and Big Media companies see them as a direct route to a highly coveted but elusive demographic. "The risk, of course, with these sites is if they turn out to be fads" instead of something that’s sustainable, says Aryeh Bourkoff, a UBS analyst

Those thinking of starting similar sites better move fast. Buyers may find that site loyalty can be fleeting. But that isn’t likely to discourage the frenzied interest. Meanwhile, a new generation of dot-com millionaires, some not old enough to celebrate at the local bar, is being born.

Interesting; I’m guessing this is another bubble because I don’t believe most of these sites can be maintained with the same vision of their founders once they are sold - esp to the likes of Murdoch (though he probably has the resources to grow any site he buys).