Bob, I agree that market cap isn't as important as valuation. I go where the value is, and usually, but not exclusively, its in the microcap arena.
May I suggest that we use forward PEG ratios as a better indicator of value? A true value is one where PEG < 0.50, but I'd be willing to settle for < 0.65
With PEG ratios, the debates will come with regard to a) future earnings projections and b) future growth rates. A lot of companies can look cheap on a PEG basis if you plug in a long term growth rate of 50%/yr !
Of course, no one ratio is infallible. But I like this one because it levels the playing field......and gives stocks with high revenue growth rates and higher pe's a chance to be considered undervalued.