Yes, the new web bubble hysteria is building, and with every point rise in the Nasdaq, people who have no idea what they're talking about are repositioning themselves and their companies as players in the Web 2.0 "space."
Fact is, Web 2.0 is all about collaboration, about user control of their experience and about remixability and participation.
Well, guess what? Email has none of those attributes, especially the way many people practice it. Fact is, email used as a point solution, in the absence of any kind of ongoing intelligence about the customer, is often used as a symbol about what is WRONG with the Internet. And that's so... Web 1.0.
Unless you have a two-way conversation with customers, where they indicate interest in how, when and what you communicate to them, you're going to be viewed as increasingly irrelevant to your customers' lives. And that's worse than not being viewed at all.