Yes, rephrasing of Sun's "The Network is the Computer" tagline.
But it is clear from mashups, web services, social networking applications (like Facebook), that the whole network of computers on the Internet forms a computer in itself.
Using public API's, like Facebook, Yahoo! Pipes, Google Maps, what developers are building on are functionalities that combine everything together. Mashups as they call them.
What I think is the next step is "The Mobile/Internet is The Computer" where everything is linked together. What needs to be done is an API that allows developers to connect mobile users together.