As is the case with any discussion ( atleast the ones that happen in blogosphere) , the discussion around web 2.0 is a polarized one (Umair has given a term to this hyperpolarization). All the alpha ( ok beta now !! ) geeks have been toying around this idea of web 2.0 have been gushing about it. The recent spate of acquisitions of Myspace, upcoming, wondir, Weblogs Inc has added more fuel to the buzz fire. In such a wake there are smart people Fred, Feld have taken cautioned stance & some have taken it to the extreme & totally played it down. So here is a group which says that web 2.0 is a bubble in the making. All the smart people/ geeks/ nerds on the other hand are getting busy to build the next spate of web2.0 companies. Supporting them here one of my fav strat guy – Umair points out with logically sound reasoning backed with numbers 🙂 that there is no irrationality.( I am still in the process of understanding all that umair says :), many stuff goes above my head 🙂 ). I can understand the concerns of Fred& Feld but can’t palate the dumbing down of web 2.0. I would go by what Umair says because even if I don’t understand it 100%. Now why is that so , I have seen from my observation he is more than 98% of the time he is right bang on the target. Btw umair is one guy who made me believe that all MBA’s are not beancounters , if you have’nt checked out , check his ultra cool work on peer production. The best work(or better) on the subject that I have seen after benkler.