I think the fact that he's made an internet company out of extending picture messaging is amazing. As much many of us HN readers would like to scoff and say, "I could build that in a weekend," we really couldn't. He's not done anything technically difficult, per se, but the way that he's amassed users is absolutely crazy, and he's doing something right.
I have my doubts about where it can go. I think him not selling was a huge mistake and I think he'll lose a lot of money from it, but I think he's a savvy business man.