With the size of the internet these days, it was probably inevitable that the word would get diluted, but... I feel like we no longer have a suitable word to describe people who build things like "self-balancing unicycle" or "linux hosted on an x86 emulator in javascript" or "homemade airplane" or "UNIX". And that makes me a little sad.
[1] The main three authors of essays that I typically think of as classical sources on the term "hacker" are esr: http://www.catb.org/~esr/faqs/hacker-howto.html
rms: http://stallman.org/articles/on-hacking.html
and, of course, pg: http://www.paulgraham.com/gba.html
Labels like 'hacker' do nothing to further anything, and generally aren't impressive to anyone who doesn't assign the label to themselves. Build cool shit and that's impressive.
It's not just me: I want other people to strive for a thing that no longer has a name.
I don't feel like I'm adequately articulating myself here. Perhaps it shouldn't matter that we're missing a word. But I feel like it does anyway.
I don't feel like the Olympics demonstrate the hacker spirit, although it's likely that some of the athletes have it.
I nearly said "that's a good hack" about something the other day, but edited my speech in mid thought - I am sure the audience would have taken "hack" to mean "wtfpwn", which wasn't at all what I meant...