I’ve never been convinced by the Singularity argument (when graphs start going straight up, my assumption is that a crash is immanent,) but I do believe we are in the midst of a great period of data conglomeration via the wonders of Google, Wikipedia, Snopes, etc., etc., with the effect that many formerly disparate strands of thought will (are) finally find each other, producing new insights.
The process has most likely been going on for quite a while, of course. For evidence, I point to the general plethora of nonsense that was widely believed back in the ’80s–UFOs, faith healing, crop circles, ley lines, ESP, psychics, horoscopes, Satanic daycares, and religion in general–that has drastically declined in popularity since the internet arrived.
The potential for data conglomeration to really benefit people seems most obvious in medicine.
There are probably some downsides, of course. Our general bullshit detection modes aren’t all that advanced, after all. So there’s still a lot of nonsense wandering around. But one can hope for a brighter future.