The software bubble has, arguably, burst twice before (dot-com, 2000; web 2.0, 2008). Assuming this bubble is no different, we'll just move on to the next ride. What that ride is - it is too soon to know. It'll be some project none (or few) of us have heard anything about yet.
I agree, these things tend to come at us in waves. I just wish we could see the light a little bit sooner so we can at least start speculating on what's next as opposed to rehashing the same hype over the same stuff.
For instance, I would like to see more speculation on making web apps that behave like apps in the browser instead of being web pages that try to act like apps. But I guess the native apps on mobile devices is already addressing that plus the other usual suspects in the space that are trying their best with what we have now.
My own personal prediction is that it will be something in the embedded space. Some interesting things are starting to happen there (see: the response to Pebble, Arduino, etc).
But it is anyone's guess at this point. The people who are working on the next big thing, at this stage, don't even know it yet. These bubbles are born out of people exploring new spaces, with, once a market has been proven, everyone else jumping in to try to take control of that newly discovered space.
I think these bubbles are apt to continue so long as new mass-markets for software continue to be discovered, and will continue to pop once a definitive leader for that market has been chosen.
