It goes along the lines of:
1. The "new" web started off great.
2. Then the crowds came.
3. The level of crap increased.
4. Aggregators and search allowed us to cut through the clutter.
5. The level of crap increased.
6. THE FUTURE. The hype cycle ends.
7. THE FUTURE. We figure out how to measure the social conversation.
8. THE FUTURE. True "semantic" web is born.
9. THE FUTURE. Business catches on. Conversation increases.
10. THE FUTURE. Hype cycle starts again.
Personally, I think we're only at Step 4. It'll get worse before it gets better!