One thing I haven't seen anyone mention is that, depending on the stock vs. cash split (I guess we'll see in the S-1 eventually), the acquisition not only knock

One thing I haven't seen anyone mention is that, depending on the stock vs. cash split (I guess we'll see in the S-1 eventually), the acquisition not only knocks out a potentual competitor/keeps bigger competitors away from Instagram, gains a talented team and a cool product, but also acts as a pre-IPO liquidation event. Instagram now has at least ~10% of Facebook's 2011 revenue banked.