Jeffrey Zeldman thinks so. In his essay, "iPad As the New Flash," the author and standards guru argues that designers are now coding up device-centric user experiences at the expense of web standards, accessibility and the advancement of open web technologies.
He takes issue not with apps in general, but with the design choices being made by popular magazines as they rush to embrace the new shiny. His ultimate conclusion: "Masturbatory novelty is not a business strategy."