The most valuable asset of Skype is not the technology, but the social network and user base. That however is not all that valuable since, unlike Facebook, Skype is mostly a 1:1 communications model easily moved to another network. When people want to communicate, they will use whatever is easiest. Skype has minimal and diminishing revenue potential, adds nothing to MS core products, and the social network is not all that sticky. It's a dumb buy by a dumb company. I haven't heard a positive word said about Microsoft product management by an employee in 3 years of time spent in Seattle.
