I really like writing web apps: for straight forward things, I almost always use Java, but I love the freedom to also use Common Lisp, Scheme, and Smalltalk. I love having control of required data, being able to use huge databases without installing anything on the client, etc.
I used to love coding GUIs: in the early 1980s on my Xerox Lisp Machine, then the Mac, Windows... - lots of fun. But as I get older, I care more for solving real problems, and care less for flashiness in software.
I just installed the latest Firefox 0.9 on two of my Macs - very nice, but most exciting because I look at Mozilla/Firefox as becoming a standard web application platform, Microsoft be damned. I have not tried it, but I believe that Mozilla/Firefox runs very well under Windows :-)
I understand that it is in Microsoft's interest's to block web app development, but I think that we can do an end run around them :-)
Also: ever notice how well your web apps run on a local area network (high bandwidth, no latency to speak of)? Just think about faster IPV6 versions of the Internet with better security, more bandwidth, less latency. Web applications will become even more important in the future. All of this is not in Microsoft's interests - expect some kicking and screaming!