Only in some sectors; how about airline tickets? Check writing?
The next wave of on-line business will be for cost-cutting rather than profit-centering ... just because you can't sell dog food (at a profit) on the web doesn't mean commerce on the Internet is dead, does it?
Which, I think, is Brad's point. Having assembled the capital to have a farm -- facilities, power, AC, bandwidth -- is a bit more flexible than having, say, built a smelter.
I like this idea that the first wave comes through and generates excitement (and investment dollars) to build infrastructure and then goes belly-up ... only to have the next wave come through and buy up the infrastructure cheap and turn it into something that makes money.
Satellite phones anyone?
/jordan