Dot-Com boom the sequel?

After the dot-com collapse, the amount of seed money available to Internet-based entrepreneurs seemed to have dried up.  Now, 5 years later, things are starting to pick back up.  But have companies learned lessons? The article linked below at CNET reports that many investors are moving a bit more slowly with a bit more caution.

I can recall back in 1999 visiting the start-up Neoplanet.  They had received something like $40 million in venture capital funding to make a skinnable browser. Their interest was in acquire Stardock (or large parts of it).  While there, I just couldn't figure out how they were going to actually generate real revenue that could possibly justify the valuation they claimed so we passed on the offer.  The tech bubble burst and Neoplanet was one of the casualties. 

But there is still no shortage of start-ups that see huge valuations ahead of them if they can just secure that next round of venture capital funding.  If the market is indeed coming back, it will be interesting to see if any lessons were learned.