Happy they didn't take it.
I honestly don't believe Snapchat is that much of a fad. It's so simple and amusing and actually a great way to catch up with people without getting into some full on conversation. I love the simplicity and don't want ads all over it, but oh well. I would have accepted like 1/8 of this offer if I were them though, so good on them. I'm sure a bigger offer will come along for them.