(that said, this ain't the same as the last tech bubble, and the issues around Arrington/access/other angels are only going to get more and more complicated.)
I think MA has more connections that could be beneficial to startups that most angels. I for one would give him ownership in exchange for introductions to people he knows.
I do not see what makes MA less qualified than most angel investors. He spent 5 years interviewing founders, being the first to learn about their ideas, seeing the ones he wasn't fond of (Twitter. Mike used to talk shit about Twitter, granted in a friendly way, all day long). I think he is very well placed to start his own angel fund.
If you can start the platform where companies like Mint launched, and have Marissa Mayer show up for your conference, I think you can launch a startup fund.
Not too shabby for a reporter.
But if someone as insightful as Michael Arrignton himself is willing to make this bet. Shouldn't this give you hint that maybe we're actually not in a bubble? Or at the very least, that a bubble bust is likely not imminent for the near future?
Imho, reading this news makes me a bit more hopeful.