Silicon Valley (Version 2.0) Has Hopes Up says the New York Times. Among the optimists is a member of a startup company producing products for the “Web log” market:

"It feels like we're 12 months, 18 months away from the equivalent of the Netscape I.P.O.," said Andrew Anker, a former venture capitalist who this month became executive vice president at Six Apart, a start-up based in Silicon Valley that aims to help businesses publish Web logs, or blogs.

In 2000, according to the Santa Clara Valley Transportation Authority, 55 percent of the region's major freeway miles were snarled in traffic during commuting hours, compared to less than 40 percent in 2002, the latest year with data available.

"The bleeding has stopped," said Alex Resnik, a part-owner of Spago Palo Alto. No longer do "three youngsters in their late 20's spend $3,000 on dinner," he said with a frown, but the restaurant is starting to do a brisk business again in wines that sell for $60 a bottle.