Bubble 2.0 popping soon?

Seems like a lot of the Web 2.0 skeptics come out of Australia. Not sure why that is. Personally, I hate the whole “2.0” concept. It’s already played out as a meme and it means nothing (or everything, which has the same effect).
Now a blog called Squash claims to have detected a sign of Web 2.0 fizzling.
Things definitely felt hype-y at SXSW this year. While some of that optimism and energy is based on real advances and growth, in some ways it reminded me a lot of the 1999 energy when everyone with a web idea seemed to think they could launch it, get millions of users and flip it within a year or so, except now the popular exit strategy seems to be to sell out to Google or Yahoo! instead of having an IPO.