The kicker is at the end, when he calls the Internet a fad, "like skateboarding or mountain bikes." I hope this is real.
And many aspects of the Internet were just that, fads. With hyped up "cyber"-everything, it was hard to see the forest for the trees. Hence the bubble and collapse.
Also, it took a long time for the Internet to actually be better at many things. Yellow Pages mentioned are a good example. It took a decade from hype to reality before the Internet made the local Yellow Pages superfluous.
(Personally, I had been waiting for something like the internet to happen since the 80's, but that makes me a hacker and a nerd, not a visionary...)