I do not intend to defend my name but I beg to differ.
More and more profitable web sites cater to very very targetted audience. The audience may share either a hobby (like this forum, slashdot.org etc) , passion or geography.
A global idea with out a strong identification with a target market is difficult to execute. Web is becoming more and more like cable tv.
It does not matter if it is global or local. Two points are important:
1- Whome does it address
2- What is the incentive for visiting the site.