Web 2.0 yes or no no no?

The economic downturn will not spell the end for Web 2.0 firms according to this article from the BBC Website.

In fact according to Tim O'Reilly (slightly famous dude who originally coined the term Web 2.0) it might improve the tools that are available to us by "clearing out the clutter" In other words the sensible serious applications will flourish and the frivolous here "catch this sheep" applications will die.

So what do people think will "Web 2.0" get more serious as the downturn continues?