This is an excellent panel discussion on the so called Web 2.0 startups. Several successful entrepreneurs discussed topics varying from how they'd compare the Web 2.0 trend to the dotcom boom and bust, tips for a successful start-up, moderating optimism, and many other topics.
I was particularly impressed by Joe Kraus's thoughtful and articulate responses. Reid Hoffman (Co-Founder of LinkedIn) also provided some very good insights into his business as well as the new generation of internet businesses. Photobucket's founder showed that it is still possible to start with 2 programmers in a garage and be tremendously successful.
I completely agree with Joe when he says we are entering an period of tremendous and cheap innovation for web enabled applications. It is now cheaper than ever to bring a software product to the market. Whether it is using Rent A Coder, off-shoring your development team, or using open source platforms to build your application, your time to market, and thus cost, is fantastically lower today than it was just 5 years ago.
Startup Success 2006
[EDIT]
I just want to add some additional links and comments.
OnStartups.com has a very brief summary on the discussion.
OnStartUps.com
Guy was the moderator for the discussion.
Guy Kawasaki's blog entry
Check out the comments for the entry as well.