The Web 2.0 backlash is underway. Guy Kawasaki makes fun of it at the start of this video, and Chris Anderson posts a comic that makes fun of the flavor of the month in over actual content.
I think this is what happens when buzzwords and trends become more important than thinking about what people want. Buzzwords and trends is how bubbles get created. Unfortunately, when the bubble bursts, the real value of the technology for doing stuff people want gets thrown out with the bathwater. In the newspaper industry, when Bubble 1.0 burst, a lot of publishers lost interest in the Internet. They’re paying the price now. When Bubble 2.0 bursts (the Web 2.0 revolution), a lot of business leaders will lose interest. But the underlining infrastructural need for people to connect with people will not go away, even after the buzzwords are forgotten.