For a general audience, this article gives a excellent overview of the status of private spaceflight industry, even though it focuses mainly on the Texan angle: Texas space ventures rocket into reality: From orbital hotels to low-gravity manufacturing, companies prepare for launch - Dallas Morning News - Sept.23.07. There is an appreciation of the breadth of what is being developed - low cost launchers, space tourism, space habitats, suborbital spaceflights, etc. - and of the priority on incrementalism, cost-effectiveness, etc.

(One item stands out. Mr. Bigelow has always said he would not back a company developing a particular launcher but would instead offer general incentives like the America's space prize and contracts for transport services to his orbital habitats. So I'd like to see a confirmation of the statement that "Mr. Bigelow is looking to invest $100 million in a rocket firm like SpaceX, which has Texas operations.")

An old tune I've often sung here describes how easy it is to be a genius merely by predicting the failure of every new space venture. You are bound to be correct almost all of the time since almost all new ventures in any area fail. There are an infinite number of obstacles and pitfalls faced by a new business and only a few narrow paths to success. E.g. the K-1 RLV design has never had a chance to prove it can succeed technically since it has always been tripped up by financial failures. John Carmack emphasizes this aspect of real life:

"The truth is that while there are a handful of companies that are doing good, innovative work, there's a chance that every one of them could fail," he said.

"It's still extremely speculative. Markets could evaporate. Legislative things could change and make it not possible. Or just the petty everyday things that cause 99 percent of all businesses to fail. It looks promising, and I'm an optimistic sort of guy, but we'll see."

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Another article about commercial spaceflight: Space businesses still wait for countdown: Commercial spaceflight proves slow to take off - Atlanta-Journal Constitution - Sept.23.07 (via spacetoday.net)