Right, except Facebook is also the largest photo-sharing site on the web right now, and one of the most used iPhone apps. So, they've already got all of that data (edit: and momentum) that Color will need to somehow get, and I'm not quite sure how Color will disrupt THAT.

I do agree about the part that Sequoia probably knows what they're doing but the current Color product is shoddy and underwhelming, with that amount of cash and no pressure to launch (SxSW is gone!) - why would you launch a shitty product?