Between Google’s IPO, its Gmail venture, Wikipedia, and the rise of a vigorous blogging culture, I believe we are entering the next period of go-go Internet excitement. A lot of good stuff is happening, and if I were Microsoft, I would be concerned. The next big trends, by and large, are online services that you can do through a basic browser (i.e. not a proprietary Microsoft rich client). Starting with email, Google has an excellent platform to eat at the edges of the Microsoft empire one Office product at a time.
And things are finally happening again in the browser world, with the momentum shifting to free yet innovative products like Firefox and Mozilla. Read Ben Hammersley’s article on the Guardian: The second browser war.