In the bad old Web 1.0 days, VCs in New York uttered this truism when looking at new companies with the krishna-like reverence: Is it a feature, function, application or business? Google apparently showed that knowing what the business is doesn't matter. But has the not-so-old saying bit the dust - or does it still mean something? The lucky few will reach Web 2.0 nirvana with a healthy cash buyout, but for the less lucky, does that mean that giving up is the solution? Or does it mean that most online businesses need to address whether it's a feature, function, application or business?