Today’s example: OMGPOP, the casual gaming site formerly known as iminlikewithyou, which has raised a $5 million round led by Bessemer Venture Partners. Previous investors Spark Capital and Ron Conway’s Baseline Ventures re-upped, but not Netscape/Ning/“Project A” investor Marc Andreessen, who took a flier on the company last summer.

The site has raised a little more than $6.5 million to date. A conservative valuation would still make the company worth north of $10 million.

Why is it worth anything? The company, which began life in 2006 as a dating site, has a dedicated user base that logs some three hours a month on the site. But it’s still pre-revenue, as they say.

CEO Dan Porter, who took over for highly visible founder Charles Forman earlier this year (Forman is still at the company, cranking out games), says that will change this spring. He will be selling “premium” accounts/subscriptions, most likely for $5 a month, along with virtual goods (think collectible items, power-ups, etc.).

It’s possible that the site will roll out some kind of advertising at some point–Porter says he’s been testing some ad units with Google (GOOG)–but those would be ancillary dollars (or dimes).

Can that work? Maybe. Casual games–free or low-cost Web games that take little time commitment–appear to be doing well so far in the recession, even as traditional videogame sales falter. And a lot of people are hopeful that the  market for virtual goods–big in Asia, but limited in the U.S. to a handful of games and a few oddities like Facebook’s “gift” items–will finally take off.

Not interested in thinking this one through? Fair enough. Try playing the site’s “Balloono” game, a knockoff of the Nintendo classic Bomberman. I’m waaaaaay older than the site’s core 15-25 demo, but I’ve spent an embarrassing amount of time on this one.

Bear that in mind as you read the press release announcing the newest round of funding for Yodle, a New York-based local advertising start-up. The company has brought in new investors in its C round–JAFCO Ventures and Draper Fisher Jurvetson Growth have joined DFJ and Bessemer Venture Partners. That’s good, because under conventional wisdom, the appearance of new money in these things validates the older money’s investments.

But the C round is also smaller than the B round from a year ago–the $10 million round Yodle is announcing is less than the $12 million it trumpeted in the fall of 2008. That bucks the traditional funding order, wherein each round is bigger than the last. So what does that mean?

Impossible to say until we hear more about valuation and deal terms, which I don’t have. Last year, people close to the company were floating a $40 million-plus valuation for the service, which connects mom-and-pop companies with the Web, via Yahoo (YHOO), Google (GOOG) et al.

That’s one of the great untapped sectors of online advertising, so if the Yodle folks can crack it, they deserve as much as they can get, downturn or not. I’ll report back if I get more info on the deal. If you feel like contributing your knowledge you can reach me at peter@allthingsd.com, or via the blind tip box here.