Current “Mashup” applications built using APIS provided by Google, Amazon, Yahoo etc do provide some of this functionality, but I’d still argue that:
a) The programming skills needed to build a mashup are far beyond what is required to build a spreadsheet, and
b) Mashup don’t typically feature the deep data integration that gives Excel its value.
I’m not claiming that going from mashups to deeper, easier integration tools is a paradigm shift, but I do think that if a mashup is the typical Web 2.0 applications then perhaps the ability for non-programmers to compose online applications themselves could be dubbed Web 2.1.
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