Summary of a talk by Morgan-Stanley's Mary Meeker at the recent web 2.0 conference. The question on everyone's mind, it seems, is whether we are in another bubble. And while the tenor seems to be that we are not, there are still trends worth watching. Mobile computing in China, for example. The valuation of enterprises by the number of links they can garner. Voice over internet. It's still early days, and venture capitalists, once burned, will take some time before leaping in to be burned again.