My dueling partner, Tim Beyers, drew an interesting comparison between The Knot (NASDAQ:KNOT) and General Electric's (NYSE:GE) NBC Universal's purchase of iVillage. It's too bad that, digging beneath the surface, the comparison breaks down. First, as Tim pointed out, The Knot actually trades at a premium to iVillage's buyout price -- and there's no buyout offer on the table for The Knot. So it would seem our bull himself is arguing that The Knot is relatively overvalued.

Second, from an investor's perspective, the iVillage buyout was an all-cash deal -- not some dilutive stock offering like the deal The Knot coughed up for Paying cash from operations for a purchase carries with it a far lower hurdle rate than a stock deal, since cash doesn't dilute an owner's stake. Lower hurdle rates translate directly to higher justifiable prices. That combination implies that the all-cash deal for iVillage was that much sweeter by comparison.

Probably most important of all, though, is the nature of the communities behind the site. iVillage has a tremendous advantage over The Knot in that iVillage is building a long-term community. The Knot's primary customers, on the other hand, lose the primary reason to visit shortly after saying "I do." As churn-heavy businesses like satellite radio pioneers XM Satellite Radio (NASDAQ:XMSR) or Sirius Satellite Radio (NASDAQ:SIRI) will attest, new customers can be expensive. Often, the customers most profitable for a business are those that stick around the longest -- a benefit The Knot may never quite see.

Stretched valuation. Expensive (to shareholders) financing choices. Churn. The romantic in me believes there's someone out there for everyone. The investor in me, on the other hand, knows there's a better match for my money than The Knot.

Wait! You're not done with this Duel. Go back and read the other arguments, then vote for a winner.

The Knot is a Motley Fool Rule Breakers recommendation.

Fool contributor Chuck Saletta would like to congratulate his brother-in-law for popping the question to his fiancee just yesterday. At the time of publication, Chuck owned shares of General Electric. The Fool has a disclosure policy.