On one side, we'll have a "clean", authority-sanctioned "corpweb", where everyone is ID'ed to the wazoo; on the other, a more casual "greynet" galaxy of porn and decentralized communities will likely emerge, once all tinkerers get pushed out of corpnet. It could be an interesting opportunity to reboot a few long-lost dreams.
As cool as 90's cyberpunk dreams are, to me they always seem to ignore the physical reality that your connection to "the net" always has to go through the chokepoint of an ISP, and that this ultimately is an indissoluble barrier on just how anti-establishment the internet can ultimately be.
It doesn't really take over because so far we are pretty much free to do what we want from our ISP connection. Some countries impose dns censorship but appart from the few dictatures that run their great firewall, it is light censorships as they let people query the DNS server they want.