The Fake Steve Jobs has the best commentary yet on the Web 2.0 bubble.

I mean, I’m not 100% sure, but when a) you’ve got companies with names like “Yelp”; and b) they’re having parties at SFMOMA; and c) this man wearing a bra is one of the guests of honor; and d) your PR bimbos are acting like drunken LUGs at a Girls Gone Wild party, and e) it’s all being paid for by venture capitalists who are just betting that a bigger fool (cough, Rupert Murdoch, cough) will come along … well, yeah, you might start thinking that maybe you’re in the middle of a bubble type period.

Now I’ve actually talked with Jeremy at Yelp, and I think he’s a sharp guy with a great product, but damn, I just never feel good when spending money on parties becomes part of the businessplan.

As Fred Wilson might say, I’ve seen this movie before.