I'm actually impressed by how relatively well researched Fortune's Invest in Web 2.0 without getting burned article (available via CNN.com) is. I like their take on Google's stock price:

And believe it or not, it's a boom you'll very likely want to invest in--even if you think (as we do) that Google at $400 a share is too scary to consider.

They accurately identify what's driving the trend:

Driving this transformation is the extraordinary growth in the number of people with access to high-speed Internet connections. In 2000 just five million Americans had fast Internet access at home. At the end of 2005 that figure was 73 million, according to the Pew Internet and American Life Project.

Those speedy connections have supercharged the online experience, and people are doing exactly what you'd expect: spending vast amounts of time with their eyes glued to computer screens. More important, companies have finally figured out the long-sought key to "monetizing" those eyeballs, mainly by selling advertising, but also by charging for music and video downloads, not to mention for the access itself.

And they've got sound investment advice for the readers:

Yet even if many things are different--i.e., saner--this time, you still have to follow the basic rules of sound investing. Don't buy a "story" stock if you don't understand the story. Don't invest just because you heard a pick on TV--or, dare we say, read it in a magazine. Look for profits, sound financials, and reasonable prospects for growth. Pay attention to valuation. Make sure you know the bear case--the arguments against buying the stock. And most important of all, devote only a small portion of the cash you're investing to a hot area like Internet stocks.

The only piece I don't neccessarily agree with are their direct stock picks, but it's very positive to see that someone writing for a major media publication seems to "get it." Granted, I'm still waiting for a good article about SEO/SEM (don't hold your breath).

p.s. Speaking of major press, I was pointed to this article on blogs from the Economist, also fairly well-informed, though surface level.