The hype surrounding Pinterest can only be described as a yo-yo; one minute it is the hottest up and coming social network and the next it is slammed for carrying little value or active users. 
Business Insider got everyone reading (and parrot-talking) about Pinterest’s demise with a headline that contained the words ‘hype’ ‘bubble’ and ‘burst’ because MAUs dropped by 25% (from 12M+ to under 9M) in a month… but they got the data that supports their article from AppData.com
If you go to AppData.com’s page on Pinterest you’ll see that the data on MAUs suggests that visitor levels have almost completely recovered and are again on an upward trajectory.
If you combine the above with the recent news that the company has just raised $100M in funding, valuing the business at $1.5B, it looks like the site cannot be written off as a flash in the pan…
I’d say based on the evidence it’s still very much one to watch.