Mike gets his WSJ story (with illustration). I had dinner with Mike and Steve Gillmor two weeks ago in Silicon Valley and over some steaks and Cuban cigars Mike told me all about the business and I couldn’t help but see the parallel to the two businesses I’ve run over the past 10 years: Silicon Alley Reporter and Weblogs, Inc.

Mike is great entrepreneur sitting on top of a huge business and when he says he wants to catch up and pass CNET that’s not ego or a joke–he could do it. In fact, if a finance person was smart they would tap Arrington to take over CNET. He is the person to do it.

People have been giving Mike a hard time as his powerbase has exploded over the past year. That’s what happens when you build something great that is influential. I’ve watched it happen over and over. John Battelle, Tony Perkins, David Bunnell, and I all became loved/resented/hated/praised during Bubble 1.0 as our publications (Industry Standard, Red Herring, Upside, and Silicon Alley Reporter) became more and more influential.

Now folks are complaining about Mike, Rafat, Om, and Peter. The greatest sign of success in business publishing is when the weak entrepreneurs spend their time complaining about the coverage of their companies as opposed to focusing on making their companies great.

Rock on Mike, and as Kris Kristofferson told Sinead O’Connor: “don’t let the bastards get you down.”