There is a great article from Nicholas Carr that is worth a read called "Is Google Making Us Stupid?". There is a similar article on the New York Times site as well called "Literacy Debate: Online, R U Really Reading?"
There is a common thread here, and that is information overload. Is this good, bad or indifferent? This is still subject to debate on the long term effects. Personally, I think that this is an issue. Information management will be the key in this digital age.