I'm sure I consumed my share of junk from the internet, but it was not all without value. I am glad that I have learned about so many technologies, old and new, from places like Hacker News. I may not be able to use them expertly, but when I run into a problem I know what tools are out there. I know about Lisp, Python, Perl, Haskell, EC2, Ruby on Rails, Django, Cocoa, Couch DB, scalability, functional programming, object oriented programming, design principles, VCS and DVCS, and a hundred other things. Sure, there's a lot of noise in there, but also a signal.
When I recently had a chance to work with some programmers not so steeped in internet lore, all they knew was Java, and not well. They also knew of PHP's existence, and considered it the wave of the future for web apps.
Now, if both of us were to start a web company, which do you think would win?