I think that most people miss the most important point. The market is the play between players, and their expectations. A bubble is the situation when players'

I think that most people miss the most important point. The market is the play between players, and their expectations. A bubble is the situation when players' expectations are disconnected from fundamentals and no longer have any ground in the reality. And while it took literally few months of good acquisitions to create this Web 2.0 hype, much much faster than any fundamental changes arrived, few bankrupctes should be enough to kill it. Of course, there's still a question what has changed fundamentally since the last bubble? The infrastructure costs nearly nothing, the ad budgets are way higher, as well as number of people using the Internet. However, the services are still rather poor, and nothing paradigm shifting.