VA's price went to stupid levels, mostly because of hype. That's true.
I think they are a pretty reasonable investment, all the same. They have a money making business, a good brand name, good partners and good people working for them.
While it is true that the computer manufacturing business has low barriers to entry, don't forget that arguement applies equally well to Dell, Gateway and Compaq, all of which have built multi-billion dollar business around it.
There is a large market for cheap (compared to Suns, not to corner-store PCs), reliable linux servers - especially ones with good after market support.
VA doesn't have the market to themselves, but they do have a head start.
Don't forget that VA Linux exceeded their predictions for money made last financial year. They didn't make money, but they didn't lose that much, either.
As for the "money losing websites": think of them as an investment in developer relations. Do you think Microsoft makes money off msdn.microsoft.com? Or IBM off DeveloperWorks.ibm.com? Why should Sourceforge, Slashdot or their other sites be any different?
Disclaimer: I don't own any VA stock, although it is possible that managed funds I have money in do.