Since BoomTown constantly called the $15 billion valuation of Facebook “insane” when Microsoft (MSFT) 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, all 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, even as Twitter hauls in $35 million more in investments.

But I am torn.

Should it be “WTF?” given that the current economic meltdown really seems to have little impact on Silicon Valley venture capitalists?

I guess they have to put their money somewhere and that’s probably the best choice out there, due to Twitter’s strong growth and, perhaps more importantly, overhyped media mindshare.

Or maybe: “Don’t Stop Believin’!!? I mean, you almost have to admire the appalling suspension of disbelief for Benchmark Capital and IVP to hand over such a sum.

In fact, they are probably right now down at at Il Fornaio in Palo Alto, telling everyone who will listen that Google (GOOG) was founded in the last tech downturn.

Actually, I think the only thing to say is to reference the search giant: “Let’s hope Google has another YouTube moment and decides it must own the start-up pioneering real-time search and status updates no matter the price.”

That’s kind of long, so I will distill it to this Calgon-inspired thought: “Larry and Sergey, take me away!”

Because while I appreciate that Twitter co-founder Biz–I can’t help it, but I laugh every time time I write his name in relation to a company that makes bupkis–Stone underscored that the company was ready to make some money using the new funding, an acquisition by a big, nervous Internet giant is the only way this is going to end well.

In his post, ironically titled “Opportunity Knocks,” Stone noted, “We are now positioned extremely well to support the accelerating growth of our service, further enable the robust ecosystem sprouting up around Twitter, and yes, to begin building revenue-generating products.”

That would be nice, because right now, there’s no Biz like no biz.

And not to sound like a skunk at this Silicon Valley garden party, but Twitter might want to start doing that sooner than later.

I know, I know, I am such a bummer with all this talk of things not just growing to the sky in a world without end.

But as Facebook–valuation now officially $3.7 billion, although probably more if it were to be sold–has found out, the delta between dreamy funding and revenue reality can be quite huge.

And, by that, I am not saying it can’t be done, I am simply saying: Do it.

Until then, here is a lovely Calgon commercial and also a video of that amazing last scene in the finale of “The Sopranos” with the Journey song playing until it is abruptly cut off (I say Tony was shot in the head by the guy in the bathroom, but please weigh in):

Earlier today, BoomTown posted a video of star venture capitalist John Doerr’s 10 tips to start-ups for surviving the econalypse that he ticked off at a roundtable in Silicon Valley on Wednesday.

Beside the words of wisdom from the Kleiner Perkins Caufield & Byers partner, I also trolled for advice from the panel of well-known entrepreneurs I moderated at VentureBeat’s “How to manage your start-up in the downturn” event.

Thus, here is the i-will-survive take from Jason Calacanis of Mahalo, Toni Schneider, chief executive of Automattic, the company that makes the WordPress blogging software, Nirav Tolia of Web 1.0′s Epinions and Max Levchin of Slide.

As an added bonus, Ram Shriram, one of Google’s first investors, also weighs in. And, of course, the inevitable blogger Robert Scoble gives his two cents (and also freaks me out once again!).

Here’s the video of the entrepreneurs, and below it, for your viewing pleasure, two versions of “I Will Survive” by Gloria Gaynor (the classic) and Cake (the weirdly good one):

Here’s a video of star VC John Doerr reciting his 10 tips for start-ups to follow in the economic downturn.

Doerr gave out the advice at VentureBeat’s “How to manage your start-up in the downturn” roundtable event, which took place at the Stanford Park Hotel in Palo Alto yesterday morning.

The Kleiner Perkins Caufield & Byers VC got a lot of attention for his list, which he culled from a survey of 18 of the companies his firm has invested in.

Doerr didn’t need a massive, noisy PowerPoint like Sequoia Capital to make his quick and clear points, which he delivered in four minutes flat.

Doerr was on an investors panel with Ram Shriram, one of Google’s first investors, Ron Conway, Kittu Kolluri of New Enterprise Associates and Matt Cohler of Benchmark Capital.

I moderated the second panel of entrepreneurs, including: Toni Schneider, chief executive of Automattic, the company that makes the WordPress blogging software; Max Levchin of Slide, Jason Calacanis of Mahalo; and Nirav Tolia of Web 1.0′s Epinions. Video of interviews with them and also Shriram to come later today!

But here’s Doerr reciting his 10 tips:

It will take place at the Stanford Park Hotel in Palo Alto from 8 a.m. to noon.

Toni Schneider, chief executive of Automattic (the company that makes the WordPress blogging software) will join Max Levchin of Slide, Jason Calacanis of Mahalo, O’Melveny & Myers’ Sam Zucker, and Nirav Tolia of Web 1.0′s Epinions.

Along with my group, for whom I am planning all sorts of verbal tortures (“Exactly how much do you make?”), there is also a panel of investors, moderated by VentureBeat’s Matt Marshall, which features: John Doerr of Kleiner Perkins Caufield & Byers; Ram Shriram, one of Google’s first investors, Ron Conway, Kittu Kolluri of New Enterprise Associates and Matt Cohler of Benchmark Capital.

Oh, it is sure to be a festival of Web 2.0 pondering.

Said Marshall in a post about the gathering:

One goal of this event is to provide context and advice for start-up CEOs and founders facing the recession. We’ve handpicked the speakers for their remarkable records and experiences in the previous downturn. …

While the Sequoia [Capital] ‘RIP Good Times’ presentation gave a broad overview of the economic problems facing the tech world, it provided mostly a macro analysis, and a general prescription for companies.

Now is the time to take the analysis one step further, and discuss the variety of situations we see among valley investors and their start-ups: How cleantech companies are different from Internet start-ups, and how under certain conditions, a profitable company may actually be poised for aggressive growth, hiring and M&A–and not necessarily ideal for cost cutting. We intend to explore all of this and more.

Given the fairly predictable ‘Silicon Valley is in circle-the-wagons mode’ story line we’ve been seeing so far in the media, this event is also the Valley’s opportunity to help dispel this myth and explain how the area’s start-ups are actually quite diverse and that there are a mix of strategies at play.”

The event is sold out, but it will be streamed live.

And, as usual, look for a shaky video report of the roundtable from me later!

You almost have to admire the shape-shifting–if not a wee bit slippery–stylings of Slide CEO Max Levchin.

The serial entrepreneur– whose current start-up has made him the massively-funded widget-king of Web 2.0–has signed distribution deals with Time Warner’s Warner Bros. unit, CBS and Comcast’s E! Entertainment channel to allow users of its new FunSpace Channels video service to look at clips from shows.

Slide’s other media partners in the new deal include Current Media, Hulu, Universal Music Group, as well as 236.com, Break Media, CollegeHumor, FUEL TV, Howcast Media, Video Detective and YouTube.

The FunSpace video service will recommend content based on how much users forward clips to others.

To make money, Slide will get a cut of ads sold by its media partners, according to a report in The Wall Street Journal.

Oh my, how incredibly traditional of Levchin (pictured below on a wacky magazine cover).

But it should probably come as no surprise that Levchin is singing a bit of a different tune these days, as the daunting task of actually building a sustainable business model and attracting long-term advertisers has dawned on him–and probably many other Web 2.0 wunderkinds.

“Television is a world advertisers love,” said Levchin in The Journal article–a quote in which you can almost hear the quarter drop and the connection made that trying to earn real money from sheep-throwing and SuperPoking is perhaps not the most stable of business plans.

Of course, it was only a year ago that the business model for the high-profile social-networking applications maker–loudly touted by him and others at the company–was centered around “user-initiated” ads and in consumers becoming “brand ambassadors” for products.

These kinds of unproven ad schemes seemed fanciful to me when I first heard about them, although they doubtless sounded great to the many investors who ponied up tens of millions of dollars in funding to give Slide an eye-popping and still-undeserved $550 million valuation.

At the time, I wrote:

Ah, brand ambassadors! Like perhaps being dispatched to a posting in the tenth ring of hell.

It seems, though, that the old canard about getting audiences to carry water for brands and loving it has found new life, as social networks and the widgets that live off them search for business models.

Now I am not against widgets, those small third-party applications that people can put on their Web pages on social networks like Facebook and MySpace, in general.

While there are now many too many, and most are simply features and not companies, some are actually helpful and substantive and introduce a plethora of innovation and features into a service like MySpace that the service itself would or could never have offered.

And I also think that these widget-makers need to find a way to make money, especially the very popular ones like Slide, if they are to stay around.”

That’s more true than ever before as the economy tightens and kooky experimentation is no longer tolerated.

In fact, Levchin noted in the article that Slide had dumped one of its typically fun but profitless widgets–a digital fortune cookie service.

Said Levchin to The Journal: “We asked ourselves, can they generate cash and are they going to be engaging to users a year from now?”

Um … no and no, which should have been obvious from the get-go about a lot of social-networking apps, which I had labeled juvenile and ultimately ephemeral.

While such goofy stuff has given Slide a lot of traffic–it attracts more than 160 million viewers a month–that has not necessarily translated into big revenues since much of the traffic is pretty low-rent and because the ads are limited by the big social-networking sites where Slide apps are popular.

One of the most striking things in the article was the contention that Slide expected $30 to $50 million in 2009 revenue, which is probably on the low side. To be fair, Levchin always told me he was not as focused on revenue generation as on growth.

But with this move, Levchin is now clearly focusing on revenue, and it’s long past time to do so.

Of course, with nuclear winter in advertising of all kinds approaching fast, let’s hope Slide still has a sheepskin or two around to keep warm until the thaw.

As an added plus, here is one of three interviews I did with Levchin last year, giving him somewhat of a hard time about revenue issues (and he gave back as good as he got):

In its ongoing bid to prove there is a robust and sustainable advertising business in the social-networking space, widget-maker Slide opened a New York City office and hired a big-deal online ad exec.

Of course, because it has to be hip, the office is in the always trendy West Village, instead of uptown in Manhattan on Madison Avenue.

The new director of ad sales is Jason Bitensky, who comes to Slide from his post as director of national sales at AOL (TWX) Media Networks/Platform-A. Previous to that, he worked at Comcast (CMCSA).

Until this hire, Slide had only four salespeople, all located at its San Francisco HQ, who sold campaigns and sponsorships for its third-party apps that are hugely popular on sites like Facebook and MySpace (NWS).

Advertisers are most definitely intrigued, experimenting all over the place and interested in different ways of engaging with consumers.

Nonetheless, they are still using tiny “innovation” budgets to test the space and have still not unlocked the treasure chests of big bucks that go to television.

In fact, here is an interesting story on the ad issues apps-makers face in The Wall Street Journal tomorrow.

The not-so-much-money quote: “The push by application companies means more players are competing over what is a relatively small pie. In 2007, U.S. marketers spent $600 million advertising on social media, a sliver of the $18 billion spent on interactive advertising that year, according to Forrester Research. The number is forecast to spike to $6.9 billion by 2012.”

Still, said Max Levchin, CEO of Slide, about the move in a statement: “The success of campaigns on our popular products, such as SuperPoke!, Top Friends and FunWall, has attracted the attention of not only top brands, but also top talent like Jason.”

BoomTown shall agree to disagree with our favorite widget king about SuperPoke’s potential as an ad vehicle.

But it is entirely true that Slide and other apps-makers have to convince big brands that the social-networking phenomenon is here to stay and is effective, well beyond its viral popularity and huge valuations given to companies in the space.

Earlier this year, Slide–founded in 2005–got a $50 million round of funding that valued the company at $550 million.

And here’s a disturbing, but very funny, spoof video about where all this SuperPoking eventually ends up: