The inimitable Clay Shirky has just posted a wonderful essay about the recent hype on Second Life, and the relevance to our understanding of the New New Thing (tm).
There’s nothing wrong with a service that appeals to tens of thousands of people, but in a billion-person internet, that population is also a rounding error. If most of the people who try Second Life bail (and they do), we should adopt a considerably more skeptical attitude about proclamations that the oft-delayed Virtual Worlds revolution has now arrived.
God, I wish we'd been able to able to buy him when we started Terra Nova. There's no way we can afford him now.