Where is online networking in it's Hype Cycle?

Guy Kirkwood started an interesting discussing with the question: Is online networking dying?
and did some interesting research:

My question is: Where is online networking in it's Hype Cycle?

here is an example:

More on the Hype Cycles here.

Have we just past the "Peak of Inflated Expectations" and are we now going into the "Trough of Disillusionment" ?

What do you think?

Cheers, Hendrik.