"The first two generation still have to make enough company to be called interesting."

I'm not exactly sure what you mean by "make enough company", but a quick google search shows MySpace pulled in revenue of $800 million, with $10 million in profit. Facebook came in somewhere around ~$250 million (admittedly not profitable yet, but that's high revenue. Only a matter of time).

That's pretty damned interesting.

Somebody is willing to pay for services these companies provide; they must not be all hype. Twitter will likely find a revenue model as well (not as high as the other two, I would suspect, but still).

I'm sorry if it seems harsh, but these companies have had copious amounts of sweat and blood poured into them, and have grown into huge revenue generating machines. Calling them pure hype seems shockingly cavalier.