I don’t think i’ve ever taken Media Lab “seriously” — or if i did, my age still started with a 1. To take media lab seriously is to miss the point. They aren’t supposed to be serious! If i may coin a term, they’re not even doing blue sky, they’re doing crack-of-dawn. 99% of what they think about will turn out to be a funny shadow on the wall from the laundry hamper that looked cool for a minute until the room brighte…
So what is its point?
My first job in industry outside academia was as a programmer in the 'Advanced Techniques Department' (a.k.a. Toy Shop) of a traditional UK engineering company. We were quite often incorporated into the agenda of senior VIP visits, and we were instructed to focus on the innovative aspects of what we did. I realised later that the demos were actually great training for me as well, giving me insights into communicating with non-technical executives. I also got to work with European partner research groups in industry (spells in Denmark and Germany), which was also excellent experience.
Incidentally, the ATD had much better tooling for AI research (Lisp and a small fleet of Lisp machines) than I'd used for research at Uni (C / Unix). I was also introduced to proper software engineering discipline. My productivity (in terms of demo'd systems / capabilities) was much higher than it had been as a postgrad, which I quickly came to realise had been undisciplined hacking.
[edit - refined the argument a bit]