I've always thought that the OMGPOP buy was an excellent deal for Zynga and the Instagram buy a terrible deal for Facebook.

OMGPOP is adding a significant amount to Zynga's topline revenue. Last reported, OMGPOP was bringing $250k per day.

Instagram? $0/day. Not harsh but just the truth.

OMGPOP doesn't scream bubble at all. Instagram's deal does. So are we in a bubble? The answer is in the eye of the beholder.