I agree with you. But I won't bash their efforts. Perhaps the greatest irony of the current saturation coverage of all things negative about the Internet is the underlying reality that were it not for the sky-high expectations set over the past three years by analysts, VCs, pundits, media, and the markets who believe them, we all would be marveling at the incredible success of the Internet. I won't preach the statistics for the choir who subscribe to this forum. I would just say that failing to achieve a billion-dollar valuation for investors is not the same as failing.
Companies fail every day.
They always have. They always will. It's not news. That public money or vast quantities of venture funds were used to fund these imploding businesses may be unique, but it is no longer news. Those of us who are succeeding and failing everyday are at least out here on the field.