This article by Mike Masnick is a bit of a long read, but it goes along with some things I’ve said far less eloquently. Yes, the internet, corporations, and globalization make for bigger hits (think Oprah joins twitter), but at the same time it enables powerful subcommunities (Oink.me.uk, game modders).
It’s fascinating, especially because as many of us have seen firsthand, people are able to congregate around a common interest from anywhere in the world—you may be the only person in the neighborhood with a certain interest, but thanks to the internet, you can connect to the world, where there is a much better chance of finding somebody who shares that interest.