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The stock market and the unemployed tech workers are all waiting for the next big thing, and this tells me it isn't on the horizon yet.

Last night a friend and I were having this very discussion. We both have 20 years or so in the biz, and have seen things like:

Apple II
IBM PC
Visicorp
Lotus 1-2-3
Apple Mac
Microsoft apps
Local area networking
Lotus Notes
Internet
Various Internet apps
Wide area nets

The point is, there was always something cooking, and always something just about to break. I've developed a pretty good feel for technologies that would catch on in 6 months to 2 years (OK, the Internet took a few years longer than I expected, 1994/5 rather than 1992/3).

In any case, we both concurred that for the first time in a long time we don't see anything interesting out there, and finally confessed that we're each thinking of leaving the industry entirely.