All of what you've said is true. However, there is still a trend in rising valuation (near bubble level), of which many other investors have noted as well.

Mark Suster: What Angel Investing & Florida Condos Have in Common http://www.bothsidesofthetable.com/2010/11/14/what-angel-inv...

Fred Wilson: The Dot Com Bubble Is Back http://www.secondshares.com/2010/11/18/the-dot-com-bubble-is...

The Trouble with Bubbles (talent, angel & incubators… oh my!) http://calacanis.com/2010/11/18/the-trouble-with-bubbles-tal...