I don't get the sense there is a huge buble yet. A lot of the companies being started are trying to be smarter. Cost to create web company is way down. Seems like most of the wasted money back in 1999 was for advertising... giving stuff away for free and blowing millions on superbowl ads, and thinking you should expand fast and hire hundreds of people before your competitor. Second, the IPO market is pretty much non-existent so most companies are being bought by bigger ones, so the average Joe that lost money the first time around is buffered. Still I think the YouTube deal is pretty bubblicious. We'll know in the months to come. If your 18 year old cousin says he's moving to San Francisco to start Mowgo.com and your grandmother starts asking "What's this Web 2.0 thing? Can I make money starting my own web site?" I'd get out the umbrella...