How do you measure a web service really?

How do you measure a web service really?

Recently, Hubspot was featured in TechCrunch concerning their new valuation and upcoming financing round.
With $33.5 million in current funding, this company will help small-to-medium-sized businesses find new potential customers, or “leads”, online.

Why would HubSpot be worth $200 mil?
Because their current revenue growth trends demonstrate that they will produce more than $200 million over the next 4 years.

Why wouldn’t HubSpot be worth $200 mil?
Because of knock-off services that could offer similar features and have the savvy to use blogging platforms (and post update reminders), Google Adwords, Twitter, and other social services appropriately for stolen HubSpot customers for pennies… understanding that, online, how good a company is, or how interesting that company or the company’s campaign is, drives engagement and thus leads & sales…. which is where (leads) HubSpot is offering to add value for their clients via in-bound marketing (bringing customers in) instead of outbound marketing (cold-calling customers, or spamming).

What would make HubSpot worth billions?
If they could somehow actually enhance businesses on the web, and not just translate the interesting parts in mass-scale to drive their clients’ traffic (a small percentage of which are leads, and what drives their entire model). That would be extremely hard to replicate and good for HubSpot.

What do you think?