I don't think it was a comparison of quality, just an observation of spending clout. Things are being bought at billion dollar valuations that would have failed, just because the top players don't want to even think of risking their dominance, and that isn't going to stop unless they run out of money. This means that some of the easiest exits available are in making things like snapchat, where you will get bought just because you have users communicating over it.
Which is still a big risk: at some point, the market can crash simply because the dominant players get low on cash to keep making acquisitions like that. Suddenly all the assumptions and valuations people are relying on turn out not match up to reality, and everyone stops investing while they take a long hard look at their books.
