investment in internet companies at $1.4 billion was down
  slightly in dollar terms in Q1 of 2012 compared to the
  end of 2011

To me, this is a clear sign we're not in a bubble. Investments don't slow down in a bubble, which is exactly why they're so dangerous, they just pop.

Seems to me like investors are pretty smart this time around, and are doing everything to avoid a bubble.