I think people are missing the point here if we're judging Instagram on the grounds of innovation alone. What's exciting about this is that Vine seems to be the only startup that got the formula of "Instagram for video" right, and now we're seeing them being surprise-attacked by a relatively unexpected competitor that has a far bigger user base and launches on Android and iOS at the same time. I don't even think there are that many people interested in crafting short video clips using these apps so I'm personally thrilled how Vine's going to thrive now that the ball's in their court. There's a lot to be learned from this developing story if you're an entrepreneur.