This really strikes home for me. Hacking used to be very intellectual, especially in the open source world. Robert Morris created the first worm as a test to see how large the Internet was. RMS hacked out Emacs (mostly) on his own to build a Lisp interpreter/text editor. Linus made Linux so he could experiment with Unix for free.
Sometimes I get the feeling these days that hacking is becoming too market and business oriented and not about the fun intellectual challenge anymore.
That said, I do think that it is really more of an evolution instead of a redefinition. I'm not sure that it's all bad and in some cases it's good; many startups have a really clever idea about software or technology behind them. Maybe it's that hacking is now about finding new and clever ways to integrate technology and computing into our lives instead of finding clever things in technology. In essence, maybe it's about writing for the world instead of writing for the programmer.
I'm not sure this is correct, but thoughts/comments are welcome (even from me, I might come back and edit this later as I think about it more).