Web 2.0 Bubble Bursts?

I heard once joke about mental difference between average American and European:
Ask European what's the purpose of opening new school? " to educate people" will be the answer.
What's the purpose of building railway network? "to move goods".
What's the purpose of building new hospital? "to heal people".
Well, average American would say driven force behind building schools, hospitals and rail networks is to make profit.

What does it has in common with web 2.0?
Well, it's quite horrifying that more and more on-line business runs out of ideas how to monetize their existence. Did they have any idea in the first place?
You Tube didn't manage to make any profit before google took it over. CNet was on the verge of collapse before CBS bailed it out. Is Twitter making any money at all?

Web 2.0 social websites managed to attract zillions of users. That's great.
At the moment number of registered users & visitors are the only measures of success. That's quite scary. Does it remind you something? Dot-com boom was largely based on the same way of thinking "we will find the way how to make profit later on". They didn't.
This time the biggest "success" of new digital entrepreneur is to attract as many people as possible and sale business to google.

That doesn't sound like good-old entrepreneurship at all. Would you hand over your hard earn cash to somebody who says "I don't have any idea how to make this profitable but hopefully one day somebody will buy it out and shower us with cash"?

I can tell you it reminds me one day. Thursday. The 24th of October to be exact.