This is an excellent and important point, maybe the most insightful I've read in this thread. Whatever value Instagram has for Facebook, it probably has at lea

This is an excellent and important point, maybe the most insightful I've read in this thread. Whatever value Instagram has for Facebook, it probably has at least double that value for Google, who could buy it just as easily. By paying a premium and showing major interest first, Facebook preempted an opportunity for Google to get some traction in the social space. Very smart move.