Are we getting ready to party like it’s 1999 again?

Newsweek has decided to put Web 2.0 on its cover this week. Is it just me, or does the irrational exuberance of a few years back seem like it’s just around the corner again? I’m as keen to see a return to fun and excitement on the Web as anyone. I just worry that we’re about to see a whole bunch of folks repeat the mistakes of the past. At least this time, it seems that a number of folks are thinking through how to make money on the deal, instead of this “selling a dollar for 90 cents and make it up on volume” silliness we all dealt with the first time through. Tim Leberecht (who I’ve just started reading, thanks to Technorati), has a viewpoint on this, too, recapping the recent thoughts here about whether Web 2.0 can live up to its hype. Check it out. It’s worth the read.