Is 'Web 2.0' Another Bubble? - Two Web 2.0 Investors Debate (Or did Todd not realize that Spark invested in KickApps and Me.dium?)

Link to Is 'Web 2.0' Another Bubble? - WSJ.com

This is just bizzare, b/c Spark's Todd Dagres is working for a VC firm that invested in a video sharing company and a social "discovery" plugin for Firefox.  Not quite sure how he's arguing the bubble side of Web 2.0.