So over the last 2 weeks I attended 4 nicely catered parties, starting with a dinner for O'Reilly's Web 2.0 conference and ending with one for the SuperNova conference.
By the last party I made up a badge that said "1999 2.0" -- that was after the shrimp came out. Though to be fair, it was still cash bar, so we aren't quite there yet. Though they also gave everybody a $50 gift card at an online content store (where I couldn't find anything I wanted to spend the $50 on...)
VC funding of speculative deals is certainly up, though of course the IPO market has yet to repeat the boom. People are watching Vonage, which spammed me with E-mail, a paper letter and a voice mail to tell me I could participate in their stock offering (except the fine print says I can't as I am not a U.S. citizen.)
Web 2.0 certainly seems replete with companies getting funding with little sign of how to build a sustainable business.