Speaking of which, what's new with Omnisio since Google acquired them? It seems like Google shut down the service to new sign ups for many years now, similar to what they did with GrandCentral, and likewise with Etherpad.
GrandCentral was reborn as Google Voice, so I hope similar things will happen with Omnisio. I imagine Etherpad is simply being folded into the Google Wave team proper though.
I think the Omnisios got rolled into YouTube in various technology and product roles, but I'm not 100% sure. (They were in the same YC batch as I was, but I've only talked to them a couple times since the acquisition.)
I think we still need a number of people having a go at random ideas without any clear revenue streams (e.g. Twitter). However, there are so many people who are working on niche-facebooks, socially aggregated widgets and crackpot venture-driven gimmicks who would be better off trying to build a small, profitable business that actually contributes to the economy.
If you prefer just the audio (and in better quality than this, I think) then check out the 37signals podcast: http://37signals.com/podcast - It makes for great listening and this presentation is the latest episode.
You know, my first thought was like davidw's, that we've seen this before. But you're so right, he is a very energetic speaker, funny, and the message is well supported and presented. It's just a great talk and one that has really stuck with me since I first saw it.
"You don't need to be an f'ing genius to make any of this work..."
http://www.omnisio.com/startupschool08/david-heinemeier-hans...