Oh I agree and it's my reaction too, "yeah but what problem are they solving? how are they doing it?"

That's the extent of my evaluation. And that's also why I'm not an entrepreneur. :)

There's a definite mismatch between the valuation function I (and a lot of us, I think) use and what the market uses which is addressed by the YC's of the world.

But the bottom line is I don't think pg should misconstrue the confusion (and sometimes frustration) as malice.