Right, and this thread seems to be focused on the value of those junky sites. If you have a 'great' site that has growth potential it's worth much more than 6x MONTHLY earnings - certainly I'm happy to pay more than that.
I'd suggest Google's value is it's website and associated technologies. Note that most of their income comes from...adwords and adsense.... Like any public company Google is for sale in the form of shares. The cost is (approx) 117 times their ANNUAL earnings, or 1404 times their monthly earnings. Yahoo's available for about half Google on a price to earnings basis.
The HUGE discrepancy in "small vs large" site value (and large vs large) is very interesting to me and I'd be interested in how others see this shaking out over time.