The Internet just changes the kinds of time sinks one uses, I think. I mean, before I was online with any sort of regularity, I used to read a lot more dead-trees kind of books. Now I read political blogs and online transcripts (like this one, for instance) and other suchlike things (Project Gutenberg e-books, online comics, who knows what else). And I post to and read LiveJournal.
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Don't even get me started on Slashdot... :D