Nah! It may shorten our attention span. but it has harnessed our ability to digest tons of information fast. It has also taught us speed reading. :)

I agree on the speed reading thing:) it is a great window to the world too, no doubt.But I also thinks it can be distracting, and misleading sometimes. I mean anyone can publish whatever he/she likes, and with so many sources, a rumor can spread so fast it can be taken as a fact. But I don’t think we are getting stupider, only getting lazier at some level. Few years ago, a research would have required books, library visits, papers..etc. Now, it is just a couple of clicks away.
There is a story I read couple of years ago, might not be so much related to this, but close. It is was submitted by the father telling his son’s story :
The son was doing his homework, it consisted of one page letter he had to write for the next day. Then few hours later, he found out he couldn’t print it out since the printer was acting funny. He had to run to the a local printing store to print it out. His father said it was funny watching him going through all this trouble while there was a perfectly working typewriter machine sitting right in front of him in the living room.

Speed rumormongering? :)

But the few clicks away mean saving on useless hours getting caught up in traffic!