I think it's more of a final nail in the Flickr coffin. Pinterest is a completely different vertical (it's not even pictures necessarily, it's lots of random stuff on the web)
Maybe I'm just set in my ways, but I still love flickr. It's how I store my photos online. I certainly don't want to store my photos on Instagram. Though, flickr has missed an opportunity for the way people share spontaneous iPhone pics. A lot of people still use a real camera and upload their pics in batches.
