Hypertext today is only a part of what it could have been
If we think that hyper-text means an evolution of text, then what the web has become is not even close to what it could have been. (see: the web does not resemble the memex). Websites display information in exactly the same way books do, but making it difficult to annotate and to link.
Some ideas, including those of transclusion, are starting to emerge, but the tools are still very far from being useful. I have seen the idea of a federated wiki as an initial attempt at linking websites together, provided that they are built on the same technology. I do believe this is a case when incremental change can lead to undesired outcomes.
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