Is the Web 2.0 frenzy passing?

It may just be the holidays, but it seems like the excitement over Web 2.0 is wearing off. Even the smarky sites are getting tired. Does anyone else notice this? Now don't jump all over me and say it was just hype in the first place. I think what hit everyone last summer was a legitimate epiphany within the computer world that is OK to come out and play again. Maybe people are just busy working on new projects. I know that I've dug myself in pretty deeply with Ruby, I think it may be time for me to add something new to my studies. As soon as I get the first version of my Ruby aggregator going I think I'll start working with Ajax.