Chatroulette Craze

I recently read yet another article about Chatroulette, a web site set up by a 17 y.o. Moscow kid that lets you have video chats with random people.
I find the hype around an unsophisticated video chat truly ridiculous. While I appreciate that investors are looking for the next big thing to invest in, I'm somewhat stunned by their being head over heels with the site. Sweeping aside the issues around the audiences the site attracts, there is absolutely no tangible IP behind it; essentially it's a video conferencing / chat web site, of which there have been a bunch. The only novelty the kid has introduced is the script that picks up a connection randomly. Is this difficult to implement? Nope. Hence, the barriers to entry are extremely low. Actually, there are now a number of web sites that claim to improve on the idea. From the business operation stand point, I wouldn't want to run such a venture. Which brings me to valuation: the numbers that have appeared in the press - from c. $14m up to c. $50m - are absolutely unfounded. Monetization of the web site's "user base" is a huge question and is, to my mind, a pie in the sky.