I should have known that my dear enemy would take the valuation angle on NYSE Euronext (NYSE:NYX). After all, Chuck is a true-blue value hound and a well-known proponent of our Motley Fool Inside Value newsletter service.

I, on the other hand, bleed rebellion and sweat hypergrowth, in the Rule Breakers mold. If the opportunities in front of a company are large enough, I don't mind if I can't get a massive discount before buying in. Witness, for example, my newly taken position in Google (NASDAQ:GOOG) -- hardly a bargain by conventional measures at $463 per share, but up 11% in six weeks nevertheless. And I firmly believe that the best is yet to come.

That's how I feel about the NYSE, too. The original bull case outlines my reasons for that optimism, blue-eyed or not.

But OK, let's talk valuation a bit anyway.

You can't just drop in a trailing P/E ratio and call it quits if it looks a tad high. On its own, that metric is nearly useless, as are all the relative valuation methods. Earnings don't exist in a vacuum -- they live and (hopefully!) grow, and you have to account for that growth, too.

NYSE is expected to darn near double its earnings over the next year and to grow earnings per share at a compound rate of 28% over the next five years. Closest rival Nasdaq (NASDAQ:NDAQ), the P/E ratio of which might be the best available basis for comparison here, should muster just 35% growth next year and 15.5% annually over the next half-decade.

The one-year estimates put the NYSE at a forward P/E of 22 times earnings, not very far above Nasdaq's 17. Factor in the long-term prospects, too, and NYSE is starting to look reasonable.

The business is there, the tradition helps a bit, and the folks in management have their heads screwed on straight. That's worth a tiny price premium any day. Vote accordingly, Fool.

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

Nasdaq is a Motley Fool Inside Value pick, and NYSE Euronext is a Motley Fool Rule Breakers selection. Go figure.

Fool contributor Anders Bylund is a Google shareholder but holds no other position in any of the companies discussed here. Yes, his eyes are really blue. You can check out Anders' holdings if you like, and Foolish disclosure is always a bargain -- it's free!