eBay to Acquire Skype

Skype today announced that they will be acquired by eBay. Accoording to Jeff Clavier this deal will cost eBay the lofty sum of 4.1 billion dollars, which looks pretty expensive:
"Skype generated approximately $7 million in revenues in 2004, and the company anticipates that it will generate an estimated $60 million in revenues in 2005 and more than $200 million in 2006. (...) On a long-term basis, eBay expects Skype operating margins could be in the range of 20% to 25%." So the forward revenue multiple is 40X (!!!), and the price paid per client is $45 (against $20 per MySpace users paid by NewsCorp).
Wow! And I thought the MySpace acquisition was overpriced. Not a bad deal for Skype's founders and initial investors.

But what does the online auction giant wants with a VoIP start up ? Robert Scoble tries to make sense of it all:
Some people have come up to me and asked me "does this deal make any sense to you?" It does. eBay is a marketplace. It's about putting buyers and sellers together. Now, how can you make that marketplace more efficient? Voice and video. Selling things is easier when you can tell and show. Skype is all about that.
Well, that sounds plausible. But shouldn't a company like eBay be able to buy one of Skype's competitors at a much lower price and turn him into a successful VoIP player ? Perhaps by giving any new user 10 or 20 $ for free calls upon registration for a while...