An update and summary of the semantic web from Alex Iskold, includes this:
Perhaps the first significant blow to the Semantic Web has been the inability thus far to improve search. The premise that semantical understanding of pages leads to vastly better search has yet to be validated. The two main contenders, Hakia and PowerSet, have made some progress, but not enough. The problem is that Google's algorithm, which is based on statistical analysis, deals just fine with semantic entities like people, cities, and companies. When asked What is the capital of France? Google returns a good enough answer.
There is a growing realization that marginal improvement in search might not be enough to beat Google, and to declare search the killer app for the Semantic Web. Likely, understanding semantics is helpful but not sufficient to build a better search engine. A combination of semantics, innovative presentation, and memory of who the user is, will be necessary to power the next generation search experience.
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