If all you are is dot-com with no value proposition, you're going to crash. It's the same as it ever was. But no one is saying the Internet is now being subsumed by just the Global 2000 corporations. There are still plenty of great dot-coms out there, and more will come online every day. It's just that if you're in the steel business, maybe you don't have to do the portal to end all portals.
Partnerships make a lot more sense.
What's refreshing is that investors have come to their senses and no longer feel the need just to get a stake in the ground. It could just as easily gear up again. We've already seen pure-play consulting companies take it on the chin. Fewer dot-coms means fewer ad pages. Twinkies, sushi restaurants and Diet Coke have to be suffering as well.