I wonder if you went back to the very earliest days of the WWW, did everyone see it as a toy? Or were there already people (those developing it, perhaps) who saw that it had awesome non-toy potential?
I suspect people brand new tech as "toys" when they're not, and I bet there's also developers that take their toys and call them products :)
Maybe the solution is to completely discard the "toy" / "non-toy" dichotomy. It seems like it just muddies the discussion when the important thing is to evaluate the actual merits of the product/technology in question.