New internet or new bubble?

It has certainly seemed to me that lately lots of money is being poured into interesting Web projects. Furthermore, the big Web companies seem to be innovating. Once again, people I’ve known for years seem to be reaping the benefits, getting hired to do fun stuff or working at startups. Janice Fraser says it’s a whole new Internet. Jason Kottke says maybe it’s a whole new Internet bubble.

Update: Mena Trott responds to Jason.