Everyone thought Altavista was the bomb back in '98, too.
Google's got an intimidating market and mindshare, but in this market, the eyeballs always go to the player with the next big thing.
Last year at this time, people thought social networks were the next big thing. Now, in the face of actual usage, they're quickly being revealed as the toys I would assert they always were. (Or, at least, as one viable component in a larger strategy; not a strategy by itself.)
There'll always be the next big thing in this market. Whether Google's the player that has that thing, when it emerges, is pretty much anybody's guess.