IT (including much of the web) has been living in an ROI world for about three years now. Everyone else (especially bankers) needs to get used to it quickly.
I don't think this is at all the case when one is looking for .com funding - Money from angels, VCs and the like all seem pretty tight for right now.
For example, one company in which I serve as president has arguably the best .com platform for its industry (around 100 billion), a COO who was a respected Senior VP for a very well known name in travel, a built out infrastructure, proprietary backend software, a logical business model and an exit strategy.
The company is looking for around $2 million in funding and I'm told I'm doing most all the right things to attract money, but yet, not yet.
I have a theory on that.
Tech is one of the limited ways one can compete and make serous money (I am talking about millions and billions). Most non-tech niches are taken by old money that understand non-tech, and will be vigorously fighting any serious competitor. They already have their monopolies, big fences around their business, their lobbyists, even their own laws. But OLD MONEY DOESN'T UNDERSTAND TECH.
That is why tech will not shut down, because there are younger entrepreneurs with large sums of money who see opportunities.
While I agree with your point about the ease of entry of tech/internet business I think there will be a serious withdrawal of investment capital from the technology sector.
Very good ideas are always marketable. The xerox was invented during the great depression. It just happens that the area where new ideas are being discovered is the technology sector...
Hold on, thats always been the case!