There was some excitement generated this weekend when rumor spread about Twitter nailing down a third round of venture capitalist funding, effectively raising its value to as much as $250 million.

That’s pretty good for a company that generates no revenue. Even better that Biz Stone and Evan Williams were able to do that in a notoriously tight investment market. After all, the $100 billion Facebook Web 2.0 bubble glory days are decidedly over.

Peter Kafka

TechCrunch reported Twitter’s funding success over the weekend, citing as per usual undisclosed knowledgeable sources. Peter Kafka at All Things Digital confirmed the news with (presumably different) unnamed sources on Sunday.

Besides a rough economic climate, this is especially interesting because Twitter famously walked away from a $500 million cash-and-stock-deal with Facebook last fall. That was a pretty gutsy—and some say hubris-filled—move on Twitter’s part, but it should be one Facebook founder Mark Zuckerberg should appreciate, given the way he once snubbed a billion dollar offer from Yahoo and currently still has no plans for developing a sustainable revenue model.

Kara Swisher

No revenue, huge valuation, stubborn and risky devotion to autonomy, unwillingness to get while the getting’s good: sounds like a match made in social networking heaven. Indeed, Kara Swisher thinks Facebook or another company should make another run at Twitter, and that Twitter should quiet the clanging brass before it’s left without a pair of, erm, nickels to rub together.

Swisher gives three reasons why, paraphrased below:

1. A Facebook/Twitter deal creates the most powerful universal address book ever and pairs the two fastest-growing social networking assets on the Web.
2. Weak economy + no revenue = no IPO in Twitter’s future.
3. Twitter would have most autonomy with Facebook, a perk perhaps not available if (when) a larger company buys it.

Observers scoffed in disbelief when Zuckerberg had trouble making it to early-morning negotiations with Yahoo when a billion-dollar deal was on the table. It may work out for Zuckerberg eventually—even appears it is doing so currently—but the odds of a repeat in social network Russian Roulette success seem slim.