Update: Ironic that I should've posted this on the same day as the GOOG earnings miss. That's what happens when one blogs, jetlagged, at 4am.
Nevertheless, since GOOG took down everybody else with them, I think the overall theme is still valid.
Sean, our analyst, just dug up some interesting data. The combined market caps of GOOG and YHOO are greater than the valuation of the rest of the Internet combined. Yes, including EBAY, AMZN, IAC, etc. But not including TWX (TimeWarner) since it's not a pure-play Internet company and I suspect the bulk of its valuation comes from the TV properties.
This isn't surprising, since search monetizes so much better than any other online application.