I'll identify one problem that the Internet ca. 1997 did not have: excessive discussion site mobility. If I wanted security information, I subscribed to one mailing list, Bugtraq. (Ok, I toyed with Firewalls@GreatCircle and a few others, but they were a waste of time). I read comp.security.unix and sci.crypt. These never migrated. I never had to unsubscribe from Bugtraq and move to "new cybersecurity" or any other crap.
Contrast that to post-1997. You had a brief blip of SecurityFocus around 1999, and in 2003 it began fragmenting into a myriad of blogs. For tech news, we saw the migration of slashdot/digg/reddit/HN. Each time they grew, lost focus, and people with words worth reading moved on.
Bugtraq is around today but I do not read it. Take each minor bug report and multiply it by X-dozen vendor echo bulletins and it becomes unbearable. HN is on the verge of falling into the political trap of digg.
Meanwhile, random blogs pop up, have some useful posts for < 1 year and then die off or evolve into navel-gazing and I unsubscribe. An RSS reader is useless to find new blogs. I'll sit out twitter until it turns into a ghost town in a few years, thanks.
The BBS was great for locality. You knew most people on it because it was extremely local. Earlier Usenet was the same, just organized by topic instead of location. I contend that the web replacement for these has not yet arrived.
Craigslist or random PHPBB message boards may be somewhat local, but the former is too broad for real discussion and the latter tends to be too narrow (say, a neighborhood association focused on pets).
Topical discussion is very fragmented and migrates between sites too often. I don't think it's an advance to have to keep changing sites or access methods (NNTP, Web, RSS) without any real change in functionality. It's change due to novelty or running from spammers or dumb commenters.
We need less change, not more. This is something that was better in 1997.