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"youthful exuberance" in check.
Though it seems that a lot of startups, especially in the earlier stages, are really zero-revenue operations. If the plan is to simply grow the user-base for a while, and worry about having a business model later, then the only additional caveat is hoping for the economy to be out of recession by that "later".
you're fine but when money starts getting tighter it becomes a lot
harder to rest on your haunches and hope.
I expect that in the near future, the surviving companies will begin
to show us more sophisticated business models.
start providing rational value for consumers again.