Arrington says the Web 2.0 era is over, its passing marked by a suddenly-out-of-touch video of young Valleyers partying by the sea.

He doesn't quite make the connection between Web 2.0 technologies and the now-ending epoch of excess (beyond contemporaneousness), and it's all a bit inside-basebally for people here in flyover country, even those of us on the receiving end of a lot of that PR, and his analysis of the larger economic picture, linked in the post, is cartoonishly simplistic, but there's no doubt that the hype cycle is over, and that the video is one of those athwart-the-zeitgeist artifacts that emerge in grim times such as these.