Saying Web 2.0 is on the ropes is another way of saying the bubble is about to pop. And those leaping off the bandwagon are the ones who lost sight early on that we weren't in a revolution, the world was not going to change overnight, that technology without benefit might be sort of cool, but not sustainable, that being able to do things in a browser is not always the best solution, that sometimes people don't want ads shoved at them, and that meaningful content costs money to create.
What remains the same is what is driving interest in the social networking space and what drove the early days of blogging-- people continue to look for meaningful ways to create and sustain connection. Blogging was one way, Facebook and its ilk are another (danah's blog post on class and social networking is super interesting).
We are in a pause now, a pause created by the fact that revolution taking place was really in the business sphere, not in the content or the content delivery spheres. As all the new channels settle in, as people become more adept at finding and creating connections, then we'll see things move from the theoretical (read bubble) to the interesting.