Last week we linked to an AdMob estimate that the iPhone and iPod touch App Store could represent a $2.5 billion a year economy, which based the estimate off usage stats for their mobile ad network, and a survey of 1000 iPhone, iPod touch, and Google Android users. But not so fast, says Cult of Mac along with developers from Polar Bear Farms, App Cubby, and the Yankee Group.

$2.4 billion divided by the 65,000 apps in the App Store is $37,000 per app, per year. And while some developers earn that, many do not.

They figure it's closer to $250 million to $500 million, or roughly one fifth to one tenth the size.

AdMob is sticking to their original numbers, however, according to the methodology shared again with GigaOm.

To us, it just seems like they're all guestimating how big that really, really big pie is -- just stupid, or goram ridiculous.

[Thanks Icebike for the tip!]