This author argues yes, maintaining that regular Internet use shapes our brain physiology to make us, in so many words, stupid.  High-speed brain dumps make us unable to read deeply: 

To read a book is to practice an unnatural process of thought. It requires us to place ourselves at what T. S. Eliot, in his poem "Four Quartets," called "the still point of the turning world." We have to forge or strengthen the neural links needed to counter our instinctive distractedness, thereby gaining greater control over our attention and our mind.

If so, this is worse than cell phones and brain tumors, alcohol and brain cells.  The argument for wisdom from the Internet (not really a contradiction) can be found in the accompanying WSJ article.

And, no, the remedy is not reading No Left Turns!