One way to look at that question is to argue that we have arrived at the end of history. The progression to date has been up the stack in a classic architecture diagram, data is on top of that stack, and nothing sits on top of the data. I disagree. The genius of Craigslist is in its governance system. It is its lightweight governance system that allows 21 people to administer 300 sites in 35 countries. I believe that the basis of competition in web services will shift from the data to the system that manages the acquisition, and use of that data. The governance system that yields the most utility for the largest number of users with the least overhead will ultimately manage the largest communities with the most valuable data.
Let that sink in.