The company and its platform are worth watching.
Although Yahoo! has introduced free sites for small businesses, the tools/sites are not as full featured as would be ideal (of course Yahoo! wants to sell full featured sites, not give them away).
The website building/hosting business is starting to become a commodity business and so providers (Interland, Affinity, Vista, Yahoo!) are trying to differentiate in many cases by offering value-added services such as Web marketing (guaranteed clicks, etc.).
TKG data reflect that about 42% of small businesses have Web sites. But if Bubbler or services like it make building and maintaining (robust) Web sites as simple as setting up and updating blogs, they will really be onto something.