Lots of people were doing these same things ("I don't need school—I know HTML!") in 2000/2001. Then all the funding dried up over night and all the acquiring companies went away. Then the people who decided to go to school and learn fundamentals and grow themselves over time instead of turing startup tricks ended up winning.
That 5.7Billion dollars got many people set for life, inculding HN hero Mark Cuban. It's not an argument against diving into the frat for a piece of the pie.
Never forget: $5.7 billion dollars just burnt for fun. http://en.wikipedia.org/wiki/Broadcast.com