David Sirota preemptively pops it:
[T]o be fair, the new social networking/aggregating companies with the most speculative buzz right now do not share the completely Seinfeldian nature of the most infamous dot-com companies of the 1990s — that is, they aren't totally "about nothing."
However, their business model is based on building and aggregating mass consumer audience share for the purposes of selling that audience share to other companies who want to sell things to consumers. … And in an economy where consumers are getting crushed by recession, simply aggregating those hard-hit consumers — rather than actually making something tangible that creates new economic value — well, it may not be "nothing" in terms of new value, but it's pretty damn close.
The Dish 