This Atlantic article by Zittrain suggests that the internet is decaying. I think this is a classic observation error - the internet is like a kids plastic inflatable garden pool that is being blown up bigger and bigger and filled with water the whole time to overflowing - sure, lots of spillage, but also more and more content. and this isn't just a quantitative observation - more and more of the content is curated in various ways the problem is that exponential grown brings both more quality content, but even more (in just pure numbers of, say, pages or photos or ditties) junk in the long tail, which isn't being looked after (think of all the social media content that dissappears when people grow up and delete their (last year's most popular service) account.
sure, the internet is full of holes. that is why the content was organised as a web - the clue is in the name:-)
If "important" stuff is disappearing permanently, often, I think someone would do something about it, and they are...