Since BoomTown constantly called the $15 billion valuation of Facebook “insane” when Microsoft forked over $240 million in 2007, and gave Slide’s Max Levchin a very hard time when his widget company got a $550 million valuation a year ago, it’s only fair that I say something equally appropriate about Twitter.

The hot microblogging service just got its very own $250 million valuation, but without a dime of revenue in sight. (I know, Bijan, it’s coming, it’s coming!)

After all, Facebook and Slide got their funding in boom times and here we are hurtling toward a possible Depression: The Sequel.

But I am torn.

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Let’s get this out of the way: BoomTown completely missed Lionel Richie perform, cooling our heels outside behind the rope line at the MySpace party in San Francisco last night.

Major bummer.

That aside, I did finally get in and did a video at the rocking event, which the SoCal-based social-networking site threw after the day’s proceedings at the Web 2.0 Summit.

It was the scene of a lot of wild partying, with a lot of swinging and packed most of the night, even as the supposed gloom of the econalypse was settling over Silicon Valley.

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All in good fun, right?

I am sure this will be the dumb-as-a-box-of-hammers reasoning this group of Web 2.0 folks gives for this odd video effort, doing a lip-synch romp on their group vacation in Cyprus to Journey’s “Don’t Stop Believin’,” and then posting it for all to see on Vimeo.

It is titled: “Twenty world Internet citizens met in the Turkish Republic of Northern Cyprus in October of 2008 for a week of reflections on life, love, and the Internet.”

Um, kids, here’s a reflection: While you swim in that pricey infinity pool in your luxury villa, Silicon Valley is tanking all over the place. You might want to check your email and see if Sequoia Capital or Ron Conway has cost-cutted you out of a job!

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