Perhaps "But the valuation ended up lower. Why?"

is answered by this: "Speculation was that they’d hit $100 million in revenue this year. Our best guess based on discussions with sources is that revenue will be more like $30 million in 2011. But this is still largely a guess."

A valuation at 133x revenues is, well wow.

I say this as big fan of dropbox as a service and a business but I'm not a fan of these monster valuations on the come.

Also should point out there's a lot of speculation in that article and those which preceded it.