Nope, not at all. Pages, in print, are linear. You flip from one to the other. One thing about computers is that you can manipulate, present and retrieve data in an non-linear way. But at least with text-based Web sites you can print stuff out and it works.
Text still is the most important part of Web pages.
You could do without graphics, Java, etc. and still have something worthwhile. Like the fact that it discourages having much of an attention span. I think the most important criticism is that of the content. You don't have to jump. There are plenty of sites with information that you could spend hours reading.