Just went through this presentation by Richard MacManus from ReadWriteWeb. Very brief and informative about Web Technology Trends for 2008 and Beyond, May 2008 Update, you can go thru it as well by following this link on SlideShare.com

http://www.slideshare.net/ricmac/web-technology-trends-for-2008-and-beyond-may-2008-update

Stages acording to Don Dodge blog post "Web 2.0 = Bubble 2.0?" are:

Stage one of a bubble is when most smart money declares we are NOT in a bubble...it is different this time.

Stage Two: Many people agree that we are in a bubble, but it will last another year or two, and there is still money to be made.

The third stage is when the bubble has burst but most people are in denial and think it is a temporary set back.

The fourth stage is when everyone agrees the bubble has burst and life will never be the same.