During 1990s, there was a craze for developing desktop applications (i.e. applications like EXE files which are run locally from personal computers).
There was a reason, PC market was just catching up and 95% computers were using Windows! So, once you develop an application, it could potentially run on 95% of computers in the world. Also, broadband internet was not widespread at that time and dial up speed was abysmal at today's (2010) standard.
So, the reward (not just monetary) for developing desktop applications is diminishing.
The only future desktop applications will be mostly server based like databases, engineering applications etc.
As more and more operating systems will become popular, developers will try to create applications which will be used by many. So, web based apps will be natural choice.
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