Massive value to whom?
We all know the value to the developer. I'm not disputing the current cost savings of webapps, though it will quickly become irrelevant as native app dev/distribution costs plummet.
But is there any value to the customer? There used to be a lot more. Sure was convenient to be able to log in to your email from any computer. That was until you started to read all your email on your phone that you carry with you all the time.
The web interface isn't going to disappear, but it will become the secondary way to interact with apps. Right now it is still the primary for many apps like Facebook and Flickr. That is changing.