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It is the culture, not the technology of the Internet which has captured the imagination of millions and seems destined to become pervasive.
Technology makes that culture possible. So technology is essential. But only those innovations which support the underlying culture and help extend it -- which fill fundamental human needs -- are likely to survive.
Life is self-propagating and evolves in adaptation to the exigencies of the physical world. Of the many possible mutations, only a few -- those that serve a useful purpose in the current environment -- survive, reproduce, and flourish.
To some extent technology, too, is self-propagating. If something can be invented, it probably will be. Technology also evolves, adapting to the exigencies of human life and culture. It's survival of the fittest; the law of the jungle; Darwin rules. Of the millions of possible innovations, only a handful will flourish and serve as the basis for further innovation.
So when making investments in technology, it is important to understand the implications for the human environment/culture. How will it be useful in the human context? And with regard to the Internet, in particular, I'd ask -- how will this innovation affect interactions among people? If it will let people connect to one another more completely and naturally or in ways that previously were previously impossible or awkward/difficult, that looks like a winner.